Rain applies to OCC for national trust bank focused on digital assets

OCC: The Office of the Comptroller of the Currency is the primary federal regulator that charters, supervises, and examines national banks and federal savings associations in the United States. In this development, the OCC is the agency reviewing Rain's application to establish a limited-purpose national trust bank in New York focused on digital asset services without deposit-taking or commercial lending. The review takes place amid recent legal challenges to the OCC's authority regarding such crypto-related charters. Rain: Rain is an enterprise-grade infrastructure provider for stablecoin payments, enabling fintechs, enterprises, and platforms to issue compliant cards, manage wallets, and facilitate global money movement through a unified API. In this news, Rain has applied to the OCC to form Rain National Trust Bank as a separate subsidiary to handle fiduciary digital asset custody, reserve management for stablecoin issuers, and stablecoin issuance and redemption for institutional clients under federal supervision. Industry Trend: Multiple stablecoin and payments firms have recently filed applications with the OCC for national trust bank charters to bring operations under federal supervisory frameworks. Regulatory Challenge: The Independent Community Bankers of America has sued the OCC, alleging the regulator exceeded its authority by permitting non-depository trust banks to conduct extensive non-fiduciary activities.