The Office of the Comptroller of the Currency (OCC) has issued preliminary conditional approval for the national bank charter of Erebor Bank, marking a significant step in federal chartering of crypto- and asset-tech-focused institutions.
Highlights
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The OCC has granted preliminary conditional approval to Erebor Bank, National Association of Columbus, Ohio, making it the first de novo national bank to receive such approval under the current Comptroller.
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Erebor Bank plans to serve technology companies and ultra-high-net-worth individuals, including offerings in digital asset custodial services, lending and deposit-taking tailored to crypto-native clients.
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The approval is conditional, with requirements including securing FDIC insurance, maintaining a Tier 1 leverage ratio of at least 12% during its first three years, and adhering to the approved business plan.
Summary
The Office of the Comptroller of the Currency (OCC) has approved the de novo national bank charter application for Erebor Bank, National Association, based in Columbus, Ohio. The approval is conditional, meaning Erebor must fulfil a set of regulatory requirements before commencing full operations.
Erebor Bank is backed by notable technology and crypto-asset investors and intends to offer traditional banking services alongside digital asset-related functions, such as custody and transaction settlement of crypto tokens. In granting approval, OCC Comptroller Jonathan V. Gould stated this decision demonstrates that regulated banks engaging in digital-asset activities have a “place in the federal banking system if conducted in a safe and sound manner.”
The charter reflects a broader regulatory shift and signals to the financial industry that banks focused on fintech, crypto and digitised services can access federal chartering avenues—provided they meet rigorous safety, soundness and supervision criteria. Erebor’s success in meeting the remaining pre-opening conditions will determine when its national-bank status becomes final.
