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The Independent Community Bankers of America (ICBA) sued the Office of the Comptroller of the Currency (OCC) in Washington, D.C., on October 2, 2026, seeking to block a rule governing national trust-bank charters. The dispute is over whether the OCC’s interpretation of trust-bank authority can accommodate crypto firms’ proposed activities beyond conventional trust and fiduciary services. The case had not been resolved in the material available as of October 3, 2026.
What ICBA is challenging
Bloomberg Law reported that ICBA filed its complaint in the U.S. District Court for the District of Columbia on October 2, 2026. ICBA contends that the OCC is allowing national trust-bank charters for crypto and other nontraditional companies to encompass activities beyond custody and other services traditionally associated with trust banks. Bloomberg Law reported that the suit seeks to block the rule; those are the challengers’ allegations and reported requested relief, not findings by a court. Bloomberg Law’s report is the available account of the filing.
The complaint itself was not available in the sources reviewed. The case number, specific legal claims, exact injunction language, and procedural history therefore cannot be stated here. No merits ruling or later docket event was identified as of October 3, 2026.
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The OCC’s 2026 final rule amended 12 CFR 5.20, replacing “fiduciary activities” with the statutory phrase “the operations of a trust company and activities related thereto,” drawn from 12 U.S.C. 27(a). The agency said this aligns its regulation with the wording of the chartering statute and avoids confusion about whether a national trust bank can conduct activities within the business of banking. The final rule describes a national trust bank as “simply a national bank with articles of association that limit its activities to the operations of a trust company and activities related thereto.”
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The OCC’s explanation distinguishes the authority to charter a trust bank from the authority to conduct each activity it proposes. In the agency’s view, section 27(a)’s trust-company language differs from the fiduciary-powers provision in section 92a, and a bank still needs statutory authority for the activities it undertakes. The OCC says it evaluates proposed activities individually through licensing applications: “The OCC will determine the source of authority for any proposed activities on a case-by-case basis as part of its ordinary review of licensing applications regarding national trust banks.”
The rule does not list every permissible crypto activity or establish a minimum amount of fiduciary business a trust bank must conduct. The OCC said it neither expanded nor contracted its chartering authority, and that defining the scope of fiduciary, nonfiduciary, or other activities was outside the rulemaking’s purpose. Those are the agency’s stated positions, not a court’s determination of the statute’s meaning.
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Why community bankers object
ICBA’s reported concern is that nonbank and crypto firms could use a national trust charter for business they consider outside the traditional fiduciary role of a trust bank. The dispute is not simply about whether a firm may custody cryptocurrency; it also concerns what counts as trust-company operations or related activities, what requires separate statutory authority, and how much of an application the public can scrutinize.
| Question | OCC’s position | Bankers’ concern |
|---|---|---|
| Statutory scope | The OCC reads section 27(a) as authorizing charters limited to trust-company operations and related activities, while requiring separate authority for the activities a bank conducts. | ICBA challenges the breadth of the OCC’s approach when it is applied to crypto and other nontraditional firms. |
| Fit of proposed services | The OCC says proposed activities are considered individually in licensing reviews. | Banking groups question whether some applicants’ plans involve the kinds of fiduciary services associated with national trust banks. |
| Public scrutiny | The agency describes its review as a case-by-case licensing process. | In an earlier joint comment letter, the ABA and other associations said public portions of applications did not allow meaningful public scrutiny. They called charter suitability “a material question of public policy.” |
The earlier objections appear in a joint letter to the OCC from the American Bankers Association and other associations. The letter reflects those groups’ position in the rulemaking; it does not establish that the OCC’s review process or legal interpretation is unlawful.
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Why Ripple is relevant to the dispute
An OCC conditional approval letter from December 2025 shows why crypto firms’ proposed services are part of the debate. In its letter concerning Ripple National Trust Bank, the OCC described proposed collateral-trustee and cryptocurrency-custody services in a fiduciary capacity, along with related reserve-management services. The agency concluded that the proposed activities were permissible under the statutes it cited. The letter also records comments from trade groups and others questioning the application and its fit with OCC precedent. The OCC’s Ripple approval letter is an example of the agency’s application review, not a ruling on ICBA’s lawsuit or a resolution of the broader statutory dispute.
How large the trust-bank sector is
In its 2026 final-rule discussion, the OCC reported that national trust banks had nearly $2 trillion in assets in custody or safekeeping accounts. That figure refers to assets held in custody or safekeeping across national trust banks; it is not a measure of crypto assets or assets held by ICBA.
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What happens next
As of October 3, 2026, the available material establishes that the suit was reported filed the previous day, but does not establish any ruling, subsequent docket action, or OCC response. The key questions are whether the court accepts ICBA’s challenge and how it assesses the OCC’s reading of section 27(a), the treatment of proposed activities, and the licensing process. Those issues remain unresolved.
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