The NCRC has called on the Office of the Comptroller of the Currency to reject Stripe Inc.’s application for a national trust bank charter for Bridge National Trust Bank.
This organization, which coordinates various community-focused groups across the United States, believes that granting such a charter would enable Stripe to engage in banking activities similar to traditional institutions without fulfilling the typical obligations required of federally regulated entities.
NCRC maintains that the OCC does not have statutory authority under the National Bank Act to issue national trust charters to firms involved in stablecoin or broader crypto-asset operations. The group argues that BNTB’s intended services, which include custodial functions and settlement operations, closely resemble core banking activities that usually necessitate deposit insurance and comprehensive supervision.
Concerns Over Legal Authority and Compliance History
The submission also addresses Stripe’s history of regulatory actions and legal disputes. NCRC notes past enforcement actions in Massachusetts, on-going federal receiver issues, and active privacy litigation as raising questions about the company’s internal controls, consumer data governance, and capacity to operate a federally supervised entity. NCRC representatives stated that these issues highlight weaknesses in governance and oversight which would typically weigh against approval.
Furthermore, NCRC argues that granting a national trust charter to Stripe would provide federal legitimacy without subjecting it to Community Reinvestment Act requirements and certain fee and privacy standards applicable to insured institutions. The organization warns that consumers might mistakenly believe they are protected under deposit insurance.
The group also points out risks associated with stablecoin activities, noting that regulatory requirements under the GENIUS Act have not yet been fully implemented. NCRC believes approving any related trust charter before this framework is in place could foster systemic vulnerabilities. The organization requested that the OCC extend comment periods for similar applications to 90 days to facilitate better public participation.
