ICBA and other groups wrote to request the OCC rescind its interpretive letter expanding eligibility to apply for a national trust charter as well as the conditional charter approvals for Anchorage Digital Bank, Paxos National Trust and Protego Trust Bank. The policy shift effectively eliminates the longstanding requirement that applicants for national bank trust charters engage in fiduciary activities.
ICBA Position: Citing a memo, which outlines the administration's regulatory freeze pending review, the joint letter renews ICBA’s earlier call to the OCC to reconsider the policy shift and ensure changes in its charter eligibility requirements are subject to the conventional rulemaking process.