ICBA said the OCC should deny Gurufin Inc.’s application to organize Gurufin National Trust Bank or defer action until the company provides sufficient public disclosure.
Details: In a letter to the OCC, ICBA said it opposes Gurufin’s application because:
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The application does not demonstrate that GNTB’s proposed activities are permissible for a national trust bank.
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The public record is insufficient for the public to evaluate and comment on the application.
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Gurufin appears to be publicly representing that a national trust bank is “coming soon” despite the fact that the OCC has yet to act on the application.
Recent ICBA Advocacy:
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ICBA this week urged the OCC to deny the application filed by Modern Treasury Corp. to organize a national trust bank in New York, saying its proposed activities exceed the limited powers of a national trust bank.
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ICBA has repeatedly objected to national trust charter applications from firms seeking to engage substantially in non-fiduciary activities, including last week’s OCC approval of Ripple’s application.
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ICBA last month filed a lawsuit against the OCC for authorizing novel entities that deal in cryptocurrencies to enter the banking system without being subject to the same rigorous regulatory framework as community banks.
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ICBA also has noted significant concerns with the OCC’s chartering rule for national trust banks, noting the rule is inconsistent with the OCC’s statutory authority, and has called on the agency to withdraw its proposal.