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OCC Confirms National Banks and Federal Savings Associations May Provide Cryptocurrency Custody

On July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter confirming that national banks and federal savings associations (banks) may provide cryptocurrency custody services to customers. The conclusion that banks may provide such services is not surprising, because banks have long provided safekeeping…

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The Pros and Cons of Bank Holding Companies

Last week, Northeast Bank became the fourth banking organization in two years to eliminate its holding company. Previously, ZB, N.A. (now Zions Bancorporation, N.A.) (September 2018), BancorpSouth Bank (October 2017), and Bank of the Ozarks (June 2017) also eliminated their holding companies. All of the transactions were motivated, at least…

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OCC Announces it will Accept Applications for Fintech Charter; Treasury Department Releases Fintech Report

The OCC announced on Tuesday, July 31, that it would begin accepting applications for special purpose national bank (SPNB) charters from Fintech companies engaged in the business of banking. The agency released a Policy Statement and a Supplement to its Licensing Manual addressing how it would consider applications from Fintech companies seeking…

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