Overview

• Erebor cannot open until it secures FDIC deposit insurance, maintains a 12% Tier 1 leverage ratio for its first three years, obtains agency non‑objection for senior executives, and completes operational and risk filings.
• Backed by Palmer Luckey, Joe Lonsdale and Peter Thiel’s Founders Fund, the Columbus-based bank plans to serve the innovation economy and high‑net‑worth clients.
• The OCC cast the move as allowing permissible crypto activities if conducted safely, marking the first de novo approval under Comptroller Jonathan Gould after roughly a four‑month review.
• Erebor’s model pairs traditional banking with digital‑asset services, including holding a limited amount of cryptocurrency for network fees and positioning to facilitate regulated stablecoin transactions.
• The decision drew immediate political pushback from Sen. Elizabeth Warren, and the approval letter included residency waivers for several directors.