OCC conditionally approves national trust charter for digital assets-focused bank

On February 20, the OCC granted preliminary conditional approval for a charter application to establish a de novo national trust bank, which will be limited to trust company operations and related activities, including fiduciary services. The OCC’s decision explained that the approval was preliminary and conditional only, noting that final approval under 12 USC 27(a) would be contingent on meeting all preopening requirements.... By: Orrick, Herrington & Sutcliffe LLP