The Office of the Comptroller of the Currency has provisionally approved five applications for national trust bank charters.

This approval brings these institutions on par with about 60 other national trust banks currently managed by the OCC.

During the review process, the OCC maintained a stringent and consistent evaluation based on each application’s individual merits and applicable legal criteria, ensuring that all standards are met.

Adapting to Financial Sector Developments

New additions to the federal banking system through conditional approvals of these charter applications are beneficial for consumers, the financial sector, and the broader economy. These new banks are expected to offer innovative products and services, enhance credit access, and foster a competitive, secure, and diverse financial landscape.

The OCC has conditionally approved de novo national trust bank charters for First National Digital Currency Bank and Ripple National Trust Bank. Additionally, there have been conditional approvals for the conversion from state trust companies to national trust banks for BitGo Bank & Trust, National Association, Fidelity Digital Assets, National Association, and Paxos Trust Company, National Association.

The federal banking system encompasses over 1,000 national banks, federal savings associations, and foreign bank branches in the US. These range from small community banks with assets under $30 billion to large international institutions. They offer a broad spectrum of services, including retail and wholesale banking activities, trust management, credit card services, and specialized products.