The US Banking Industry Plans to Sue OCC Over Easing Crypto Company Bank Charter Approval

On March 9, *The Guardian* reports that the Bank Policy Institute (BPI)—representing 40 large U.S. banks including JPMorgan Chase, Goldman Sachs, and Citigroup—is weighing a lawsuit against the Office of the Comptroller of the Currency (OCC). BPI notes that OCC chief Jonathan Gould—appointed by former President Trump—is reinterpreting federal charter rules to streamline access to a “national bank charter” for crypto firms and fintech startups, enabling them to operate across all 50 U.S. states. The institute argues this move would let such firms enter the U.S. financial system without strict oversight, risking harm to consumers and financial system stability. BPI previously pressed the OCC in October to reject license applications from Circle, Ripple, and payment firm Wise. Additionally, Trump family-owned crypto company World Liberty Financial filed for the same charter in January 2024. Also opposing the OCC’s policy: the Conference of State Bank Supervisors (CSBS)—representing all 50 U.S. state regulators—and the Independent Community Bankers of America (ICBA)—which represents 5,000 community banks.