ICBA 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.
Lawsuit Details: Filed in the U.S. District Court for the District of Columbia, ICBA’s lawsuit centers on the March 2026 final rule related to Interpretive Letter No. 1176 and asks the court to find both the final rule and the letter unlawful.
ICBA View: ICBA said the rule and its related guidance attempt to provide the OCC with sweeping new powers to charter national trust banks that are not authorized by the National Bank Act.
Statement: In a national news release, ICBA President and CEO Rebeca Romero Rainey said:
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U.S. consumers reasonably expect a federally chartered bank to carry federal protections.
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Digital assets held at a crypto firm operating under a national trust charter do not carry those safeguards.
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ICBA is asking the court to return the OCC to its statutory limits.
More: In a message to community bankers, Romero Rainey said ICBA will ensure the voices of community banks are heard in court and will keep community bankers informed of the latest developments.