Block has applied for a national trust bank charter from the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A. If approved, this entity would operate as an uninsured national trust bank that does not accept deposits or make loans.
The bank would be led by Lee Woolley, who is currently the digital asset strategy lead at Block. Woolley's professional background includes previous roles as president and CEO of Treasury Department Federal Credit Union, as well as senior leadership positions at Northern Trust and BNY Mellon.
The charter would enable Block to provide secure asset custody and fiduciary activities under a consistent national framework as the company scales. This would also establish a federal supervisory framework for custody services that Block already offers.
The Office of the Comptroller of the Comptroller of the Currency has seen a surge in new bank charter applications. The agency reported receiving 40 de novo applications in the last 18 months, compared to 48 applications received between 2011 and 2024.
