Community banking group’s lawsuit claims OCC has overstepped its mandate from Congress.
A community banks group sued a US bank regulator, claiming its decision to allow cryptocurrency companies to obtain limited national trust bank charters exceeds the authority Congress granted the agency.
The Independent Community Bankers of America (ICBA) filed the suit Friday in the US District Court for the District of Columbia.
The group claimed the Office of the Comptroller of the Currency (OCC) has granted cryptocurrency firms the credibility of a US bank charter without sufficient safeguards or compliance with normal bank requirements.