A trade group representing U.S. community banks has sued the Office of the Comptroller of the Currency (OCC) arguing that the regulator exceeded its authority by allowing cryptocurrency firms to obtain national trust bank charters.
The Independent Community Bankers of America (ICBA), which represents banks typically holding less than $10 billion in assets, filed the lawsuit in the U.S. District Court for the District of Columbia. It is seeking to overturn an OCC rule and related guidance that facilitate applications for national trust charters by crypto firms.
The ICBA…
