Overview
- It is the first de novo approval under Comptroller Jonathan V. Gould, who said permissible digital‑asset activities can fit within the federal system if conducted safely and soundly.
- Pre‑opening conditions include securing FDIC deposit insurance, maintaining a 12% Tier 1 leverage ratio for the first three years, obtaining agency non‑objection for senior executives, and passing detailed operational and cybersecurity reviews.
- Erebor plans a digital‑first, full‑service bank headquartered in Columbus, Ohio, with a secondary New York presence, targeting tech, AI, defense, advanced manufacturing clients and high‑net‑worth customers.
- The bank expects limited on‑balance‑sheet crypto exposure of about $1 million for network fees, and its filings and backers have discussed conservative balance‑sheet options including narrow‑banking features.
- Backed by Peter Thiel, Palmer Luckey, and Joe Lonsdale, the approval drew political criticism from Senator Elizabeth Warren, and the OCC granted residency waivers for several directors noted in the conditional order.