The Independent Community Bankers of America (ICBA) sued the U.S. Office of the Comptroller of the Currency (OCC) in federal court on Friday, alleging that the agency exceeded its statutory authority by granting national trust bank charters to crypto companies.
ICBA said the OCC is asserting 「broad new powers not authorized by the National Bank Act」 and allowing those firms into the U.S. banking system without subjecting them to the same level of regulatory obligations faced by community banks. The group said that puts smaller banks at a 「serious competitive disadvantage.」 ICBA is one of the largest banking advocacy organizations in the United States and primarily represents smaller institutions.
Last month, the group also strongly opposed the Digital Asset Market Clarity Act, which failed to advance in the U.S. Senate, saying its stablecoin provisions did not protect community banks from direct competition for deposit accounts.
ICBA President and CEO Rebeca Romero Rainey said Congress did not create the national trust charter as a 「back door」 for crypto companies seeking entry into the banking system through the credibility of a federal bank charter. She said those companies do not bear equivalent obligations on capital, liquidity, supervision, and Federal Deposit Insurance Corporation (FDIC) insurance requirements.
An OCC spokesperson told CoinDesk that the agency would not comment on the lawsuit.
The OCC has continued to issue trust charters to crypto companies in recent months, though those firms operate under business models that differ from typical community banks and do not offer cash deposit accounts that require FDIC insurance. Approved entities include crypto banks Protego and Erebor, as well as existing crypto companies such as Coinbase, Circle, and Crypto.com.