Overview

• The OCC’s move is the first de novo bank approval under Comptroller Jonathan Gould and only the second crypto‑oriented federal bank charter after Anchorage Digital, signaling openness to regulated digital‑asset activities.
• Pre‑opening conditions include securing FDIC deposit insurance, maintaining a 12% Tier 1 leverage ratio for the first three years, obtaining non‑objection for senior management, and meeting information‑systems and operational controls.
• Erebor plans full‑service banking that pairs deposits, lending, and payments with digital‑asset and stablecoin‑related services, targeting technology firms and ultra‑high‑net‑worth clients and holding a small amount of crypto for operational fees.
• Backed by Palmer Luckey, Joe Lonsdale, and Peter Thiel’s Founders Fund, the bank received residency waivers for several directors, and the approval letter lists independent directors including Anchorage cofounder Diogo Mónica.
• Filed in June, the application won conditional approval in about four months as Senator Elizabeth Warren criticized the decision for favoring politically connected investors, with final opening contingent on the FDIC review that typically takes months.