Gould said digital asset firms conducting lawful activities should have a route to national bank charters under the federal banking system. The OCC received 40 de novo applications over 18 mo
OCC Comptroller Jonathan V. Gould said digital asset firms engaging in lawful activities should have a route to national bank charters. Gould made the remarks as the OCC highlighted efforts to revive de novo banking. The agency also reported 40 applications received over 18 months, including requests for national trust bank charters.
Gould said entities conducting legally permissible activities should access the national banking system. That includes firms working with digital assets and other novel technologies. “America and the OCC are once again open for business,” Gould said.
He also described de novo chartering as a sign of a healthy banking system. The OCC said its approach follows recent reforms at the Federal Deposit Insurance Corporation. The FDIC has introduced a new process for reviewing deposit insurance applications.
According to the OCC, the process provides a clearer route for new banking applicants. Gould said the OCC’s efforts aim to reverse the decline in new bank formation.
The OCC received 40 de novo applications during the past 18 months. The figure includes applications for national trust banks, which the OCC has chartered for decades.
The agency said it decided on many complete applications within 120 days of receiving them. Meanwhile, the OCC said a full-service national bank received final approval and opened its doors.
That approval came for the first time in five years, according to the agency. The OCC said recent applications include new entrants seeking federal bank charters.
The OCC said de novo chartering declined sharply over the past 15 years. From 2011 through 2014, the agency received fewer than four charter applications annually on average. In some years, the OCC received no charter applications.
Gould said regulators had previously told applicants that federal charters and deposit insurance were unavailable. The OCC now says it will continue encouraging new bank formation. The agency also said it will work to strengthen the resilience of the federal banking system.
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