Regulatory Alerts2025-12-12 | Conditional Approval 1359Added
Conditional Approval 1359 — Preliminary conditional approval for the de novo charter application for the proposed Ripple National Trust Bank, New York, NY
The Office of the Comptroller of the Currency grants preliminary conditional approval for the de novo charter of Ripple National Trust Bank, New York, and waives director residency requirements for five directors. The Bank is authorized to operate as a trust company limited to fiduciary activities, including collateral trustee services and cryptocurrency custody, while prohibiting it from meeting the definition of a bank under the Bank Holding Company Act. The approval imposes specific conditions requiring the Bank to maintain $11.7 million in tier 1 capital with at least 50 percent in Eligible Liquid Assets, hold 180 days of operating expenses in liquid assets, and provide 60 days' notice for significant operational deviations. Final authorization to commence business is contingent upon meeting preopening requirements, including independent audits, accrual-basis financial statements, and the appointment of senior executive officers subject to OCC no-objection letters.