Banking and Finance Law Daily Wrap Up, BANKING OPERATIONS—ICBA cites Laser Digital trust bank application in renewed call for OCC moratorium, (Feb 3, 2026)

By Shashi Kant, BALLB, LLM.

ICBA says digital-asset trust bank applications raise unresolved chartering issues as OCC considers approvals and proposed rulemaking changes.

The Independent Community Bankers of America (ICBA) stated that a recently filed application to charter Laser Digital National Trust Bank underscores the need for the Office of the Comptroller of the Currency to pause approvals of national trust bank charter applications. According to ICBA, the Laser Digital application seeks approval to organize a de novo national trust bank that would provide custody and related services for digital assets and other assets as a fiduciary. ICBA stated that the application reflects a business model that does not include taking deposits or making loans, and that such applications raise unresolved questions about the scope of national trust bank authority and the appropriate regulatory framework for these institutions.

Laser Digital charter application. According to the application filed with the OCC, Laser Digital National Trust Bank would be headquartered in New York and would be a wholly owned subsidiary of Laser Digital Americas Group Holdings Inc., which is affiliated with Nomura Group. The application states that the proposed trust bank would provide custody, safekeeping, and related fiduciary services for digital assets and other assets and would also offer customer-directed transactional and staking services. The application states that the proposed institution would be chartered as a national trust bank under Sections 21, 24 (Seventh), and 92a of the National Bank Act, and that it would not accept deposits subject to Federal Deposit Insurance Act insurance. The application further states that the organizers have not identified any issues concerning the permissibility of the proposed activities under applicable law and are not requesting regulatory waivers, aside from a citizenship waiver for certain directors.

ICBA position on national trust bank charters. ICBA stated that the Laser Digital application highlights concern it has previously raised regarding the OCC’s approval of national trust banks that do not engage in core banking activities such as deposit-taking or lending (see Banking and Finance Law Daily, Dec. 15, 2025). According to ICBA, such approvals risk expanding the national trust charter beyond its historical role and could create regulatory disparities between trust banks and insured depository institutions (see Banking and Finance Law Daily, Jan. 29, 2026). ICBA reiterated its position that the OCC should impose a moratorium on approving additional national trust bank charter applications until outstanding legal, supervisory, and policy issues are resolved. ICBA stated that these issues include the permissible activities of national trust banks, their treatment under federal banking law, and the implications for safety and soundness and competitive equity.

Related regulatory activity. The OCC’s proposed rulemaking, published in January 2026, is intended to clarify that national trust banks are not subject to the requirement that special purpose banks conduct at least one core banking function, such as receiving deposits, paying checks, or making loans (see Banking and Finance Law Daily, Jan. 9, 2026). Banking groups have stated that this clarification has implications for the scope of permissible activities for national trust banks and for the regulatory treatment of entities operating under such charters.

Earlier, ICBA urged the OCC to pause approvals of national trust bank charter applications while the agency considers proposed revisions to its chartering regulations. ICBA stated that the OCC has received a growing number of applications for national trust banks with business models involving digital assets and payments activities, and that these applications warrant additional scrutiny (see Banking and Finance Law Daily, Jan. 15, 2026). In a separate joint letter with the Bank Policy Institute, ICBA requested additional time to comment on the OCC’s proposed rulemaking intended to clarify national trust bank activity authority. The groups stated that changes affecting the chartering authority or powers of national trust banks deserve careful evaluation, particularly in light of recent applications involving digital asset-focused business models.

Companies: Bank Policy Institute; Independent Community Bankers of America; Laser Digital National Trust Bank; Nomura Group

RegulatoryActivity: BankHolding BankingOperations FinancialStability FinTech PrudentialRegulation