OCC grants conditional approval for its first bank application

On October 15, the OCC announced it had granted conditional approval for an application to charter a new bank, making it the first de novo bank application to receive preliminary conditional approval under Comptroller Gould. The bank plans to target “technology companies and ultra-high-net-worth individuals” who use virtual currencies; the OCC permitted the bank to hold non-asset backed virtual currencies on its balance sheet to pay transaction fees, finding such activity permissible as…
By: Orrick, Herrington & Sutcliffe LLP