A new bank, focusing on digital assets, will soon appear in Columbus, Ohio, following the conditional approval of a “de novo” national bank charter, the national bank regulator said Thursday.
Erebor Bank was granted the conditional approval of a national bank charter by the Office of the Comptroller of the Currency (OCC), the agency said. The bank will apparently be involved in “digital asset activities,” as indicated in a statement by Comptroller Jonathon Gould.
The comptroller said he is committed to a dynamic and diverse federal banking system. “Today’s decision is also proof that the OCC under my leadership does not impose blanket barriers to banks that want to engage in digital asset activities,” Gould said.
“Permissible digital asset activities, like any other legally permissible banking activity, have a place in the federal banking system if conducted in a safe and sound manner. The OCC will continue to provide a path for innovative approaches to financial services to ensure a strong, diverse financial system that remains relevant over time,” the comptroller added.
A “de novo bank” is a defined as a new, independently chartered bank that is formed “from the beginning,” rather than by acquiring an existing institution through a merger or purchase. The OCC asserted that, in granting the Erebor charter, the OCC applied the same rigorous review and standards applied to all charter applications.
De novo banks are also subject to close supervisory attention, including more frequent examinations and higher capital standards, during their first few years of operation.
OCC Announces Conditional Approval for Chartering Erebor Bank
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