OCC Comptroller Jonathan V. Gould stated that digital asset firms conducting lawful activities should have a clear route to national bank charters within the federal banking system. Gould made the remarks as the OCC outlined its broader efforts to revive de novo banking — the formation of new federally chartered banks.

Charter Path Open to Digital Asset Firms

Gould said entities engaged in legally permissible activities should be able to access the national banking system, including firms working with digital assets and other emerging technologies. A national bank charter would allow qualifying firms to operate under a unified federal supervisory framework rather than navigating a patchwork of state-level licenses, potentially granting direct access to Federal Reserve payment infrastructure subject to separate master account approval.

"America and the OCC are once again open for business," Gould said.

He described de novo chartering as an indicator of a healthy banking system. The OCC noted that its approach aligns with recent reforms at the Federal Deposit Insurance Corporation (FDIC), which has introduced a new process for reviewing deposit insurance applications. According to the OCC, this revised process provides a clearer pathway for prospective banking applicants.

The OCC had previously granted conditional national trust bank charters to digital asset custody firms during 2021, but the pace of such approvals slowed amid heightened regulatory scrutiny of crypto-banking relationships in subsequent years.

Gould emphasized that the OCC's initiatives are designed to reverse a prolonged decline in new bank formation.

OCC Reports 40 New Bank Applications

The OCC received 40 de novo applications over the past 18 months. This figure includes applications for national trust banks, a charter type the OCC has administered for decades.

The agency reported that it reached decisions on many complete applications within 120 days of receipt. Additionally, the OCC confirmed that a full-service national bank received final approval and began operations — marking the first such approval in five years.

Recent applications include new entrants seeking federal bank charters, the agency said.

De Novo Banking Declined for Over a Decade

The OCC noted that de novo chartering fell sharply over the past 15 years. From 2011 through 2014, the agency received an average of fewer than four charter applications per year. In some years during that period, the OCC received no charter applications at all. The decline followed the 2008 financial crisis and the subsequent implementation of stricter capital, liquidity, and supervisory requirements under post-crisis legislation, which raised the cost and complexity of launching new banks.

Gould said regulators had previously informed applicants that federal charters and deposit insurance were effectively unavailable.

The OCC stated it will continue encouraging new bank formation and work to strengthen the resilience of the federal banking system.