ABA Banking Journal: OCC Conditionally Approves National Bank Charter Application for Crypto Firm Paxos

ABA Banking Journal, April 23 2021, OCC Conditionally Approves National Bank Charter Application for Crypto Firm Paxos

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The OCC today granted conditional approval

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 for a national trust bank charter to New York-based Paxos National Trust. Paxos—a cryptocurrency firm that proposed to provide “a range of services associated with digital assets” including custody services—will operate as a non-depository trust bank.

ABA President and CEO Rob Nichols joined National Community Reinvestment Coalition CEO Jesse Van Tol in an op-ed earlier this year

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 warning of the risks of allowing fintechs to obtain national bank charters while circumventing the full range of consumer protection and community reinvestment laws that apply to traditional banks.