Overview
- The Independent Community Bankers of America filed suit in U.S. District Court in Washington, D.C., on Friday, October 2, 2026, asking the court to vacate the OCC’s March 2, 2026 rule that opened national trust charters to non‑fiduciary activities.
- ICBA says the OCC exceeded its authority under the National Bank Act by treating custody and other digital‑asset services as valid trust‑bank activities and by effectively rewriting the agency’s chartering powers.
- The complaint argues the rule lets chartered crypto firms avoid obligations applied to traditional banks, naming the Community Reinvestment Act, FDIC deposit insurance, and full capital and liquidity standards as examples.
- The lawsuit raises near‑term legal uncertainty for pending and granted charters tied to crypto firms such as Coinbase, Circle, Crypto.com, Protego, Erebor, World Liberty Financial and OpenReserve Bank and could slow new approvals.
- What to watch next: the OCC’s formal court response, any motion to pause enforcement of the rule, and whether a judge narrows OCC authority or pushes the issue to Congress for clearer rules.