Regulatory Alerts2026-07-02 | Corporate Decision 1380Added
Corporate Decision 1380 — Application to charter Connectia Trust, National Association, New York, NY
The Office of the Comptroller of the Currency grants preliminary conditional approval to charter Connectia Trust, National Association, a wholly owned subsidiary of Sony Bank Incorporated, to operate as a national trust bank in New York. The decision authorizes the entity to engage in fiduciary asset management, non-fiduciary custody services, and dollar-backed stablecoin issuance within a restricted, permissioned network, while waiving director citizenship and residency requirements for specific proposed directors. Approval is contingent upon maintaining a minimum of $60.0 million in tier 1 capital, holding 180 days of operating expenses in eligible liquid assets, and conforming stablecoin activities to the GENIUS Act. Final authorization to commence business requires meeting all preopening requirements and obtaining stock in a Federal Reserve Bank.