The Independent Community Bankers of America (ICBA) filed a lawsuit against the Office of the Comptroller of the Currency (OCC) in the US District Court for the District of Columbia. The ICBA accuses the banking regulator of exceeding the authority granted by Congress by allowing cryptocurrency companies to obtain national trust bank charters. These charters enable crypto firms to gain the credibility of a federal bank charter without being subject to Community Reinvestment Act obligations or consolidated supervision standards. The community banking association is asking the court to force the OCC back within its statutory limits. Under OCC head Jonathan Gould, the agency has approved multiple applications from crypto companies seeking trust charters to expand their services in the United States.
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