The Office of the Comptroller of the Currency has given Catena preliminary conditional approval for a national trust bank, according to the source material. The proposed bank would be able to custody and manage fiat, securities, and digital assets. The approval is not final operating clearance, however. Before the bank can open, Catena must satisfy capital, liquidity, and preopening requirements set out as part of the conditional approval. The development lays out the scope of services the proposed institution could provide while making clear that additional conditions still need to be met before operations begin.
The Office of the Comptroller of the Currency, or OCC, has given Catena preliminary conditional approval for a national trust bank.
Under the disclosed terms, the proposed bank could custody and manage fiat, securities, and digital assets. Catena cannot begin operating yet, though, because it still must meet capital, liquidity, and preopening requirements before the bank can open.
Approval comes with conditions before launch
The approval does not amount to immediate authorization to start business. Based on the source text, Catena must first satisfy the required capital, liquidity, and preopening conditions before the proposed national trust bank can operate.
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