On October 2, 2026, the Independent Community Bankers of America (ICBA) filed a lawsuit against the Office of the Comptroller of the Currency (OCC) in the US District Court for the District of Columbia. The legal challenge targets a final rule issued by the regulator on March 2, 2026, which allows companies engaged in non-fiduciary activities, such as digital asset custody, to obtain national trust bank charters.
The ICBA claims the OCC exceeded its authority under the National Bank Act by creating this pathway without congressional approval. According to the association, these new charters enable firms to bypass regulatory obligations required of traditional banks, specifically citing the Community Reinvestment Act and FDIC insurance requirements.
The association argues that these entities operate under lighter standards despite engaging in high-risk digital asset activities. ICBA President and CEO Rebeca Romero Rainey stated that the national trust charter was not intended to serve as a gateway for crypto companies to avoid state consumer protections.
This litigation follows years of opposition from the ICBA regarding charter applications from crypto firms, including those from Coinbase and Ripple. The outcome of the case may impact pending applications and the ability of digital asset companies to utilize a federal framework as an alternative to state-level regulations.
