Banking and Finance Law Daily Wrap Up, PRUDENTIAL REGULATION—U.S. Comptroller outlines chartering priorities and national trust bank authorities, (Dec 9, 2025)

By Shashi Kant, BALLB, LLM.

The head of the OCC spoke about renewing de novo chartering, defending national trust bank authorities, and ensuring consistent supervision for evolving digital-asset activities.

United States Comptroller of the Currency Jonathan V. Gould stated that the Office of the Comptroller of the Currency (OCC) is prioritizing the reinvigoration of new bank chartering. In remarks delivered at the Blockchain Association’s “Policy Summit” on Dec. 8, 2025, Gould said that a “robust pipeline of de novo banks” is central to the agency’s statutory role and to competition in the banking system.

Gould reported that between 2011 and 2024 the OCC received “less than four” de novo charter applications per year, including several years in which the agency received “only one or two” applications and years in which it “did not receive a single de novo application.” Gould stated that the decline did not reflect market demand but reflected regulators sending signals that charter applications “were not welcome,” would face delay, and would ultimately “be denied if not withdrawn.” He stated that such an approach “was not legally justifiable.”

Gould said the OCC’s current efforts have produced “early signs” of increased activity, reporting 14 de novo applications received in 2025, including applications from entities engaged in digital-asset activities.

National trust bank authorities. Gould stated that the OCC has chartered national trust banks since 1978 and currently supervises approximately 60 such institutions. He noted that several pending applications involve new national trust banks or conversions to national trust charters.

Addressing comments from banks and trade associations, Gould stated that national trust banks have long engaged in nonfiduciary custody and safekeeping activities. He said that prohibiting national trust banks from conducting nonfiduciary custody services would “undermine” the operation of the federal banking system and would affect “well over a trillion dollars” in existing custodial activity. Gould reported that national trust banks held nearly $2 trillion in nonfiduciary custodial or safekeeping assets in the third quarter of 2025, representing approximately 25 percent of total assets under administration. Gould stated that electronic custody has occurred “for decades,” including custody of rights to company shares. He said there is “no justification for considering digital assets differently.”

Supervisory capacity and consistency. Responding to criticisms regarding the OCC’s supervisory capacity, Gould stated that the agency has supervised both fiduciary and nonfiduciary national trust bank activities “for decades,” including supervision of a “crypto-native national trust bank.” He also stated that national banks routinely approach the OCC regarding new products and services involving digital activities. Gould said the OCC will supervise new entrants and incumbent institutions “in a fair and even-handed manner” and will apply “the same high standard” where activities and risks are analogous.

Statutory framework for bank evolution. Gould stated that national banks must be permitted to adopt new methods of conducting business consistent with statutory authority. He cited longstanding recognition by Congress and courts that banks may develop “new ways of conducting the very old business of banking.” He asserted that preventing national banks, including national trust banks, from engaging in legally permissible activities “simply because they are perceived to be new or different” would conflict with this principle.

Charter review commitments. Gould said the OCC is committed to reviewing each application in a timely manner based on individual merits and consistent with statutory and regulatory factors. He stated that innovation, competition, and fair access should “triumph over regulatory stagnation.” Gould concluded by stating that he views himself as “the steward of the federal banking system” and that the OCC will defend the system consistent with Congressional design and the structure established at the formation of the national banking system.

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RegulatoryActivity: BankingOperations Blockchain FinancialStability FinTech PrudentialRegulation