{"id":270857,"date":"2025-11-18T09:09:27","date_gmt":"2025-11-18T14:09:27","guid":{"rendered":"https:\/\/ncrc.org\/?p=270857"},"modified":"2025-11-18T09:10:53","modified_gmt":"2025-11-18T14:10:53","slug":"ncrc-comment-in-opposition-to-stripe-incs-national-trust-charter-application","status":"publish","type":"post","link":"https:\/\/ncrc.org\/ncrc-comment-in-opposition-to-stripe-incs-national-trust-charter-application\/","title":{"rendered":"NCRC Comment in Opposition to Stripe Inc\u2019s National Trust Charter Application"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"270857\" class=\"elementor elementor-270857\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fa4b845 e-flex e-con-boxed e-con e-parent\" data-id=\"fa4b845\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div 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href=\"#elementor-action%3Aaction%3Doff_canvas%3Aopen%26settings%3DeyJpZCI6IjgwOWY1ZjUiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%3D%3D\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2dc41c0e elementor-widget elementor-widget-text-editor\" data-id=\"2dc41c0e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>November 13, 2025<\/p><p>Sebastian R. Astrada<br \/>Director for Licensing, Midsize, Trust, Credit Card, and Novel Banks<br \/>Office of the Comptroller of the Currency<br \/>400 7th St., SW<br \/>Washington, DC 20219<\/p><p>Via electronic mail: LicensingPublicComments@occ.treas.gov<\/p><p>RE: Public Comment Letter in Opposition to Bridge National Trust Bank Charter Application (2025-Charter-343543)<\/p><p>Dear Director Estrada,<\/p><p>The National Community Reinvestment Coalition (\u201c<strong><em>NCRC<\/em><\/strong>\u201d) strongly opposes the application by Stripe, Inc. (\u201c<strong><em>Stripe<\/em><\/strong>\u201d) for a national trust bank charter under the name Bridge National Trust Bank, N.A. (\u201c<strong><em>BNTB<\/em><\/strong>\u201d).<\/p><p>NCRC is a coalition of more than 700 community-based organizations fighting for economic justice. For nearly 30 years, we have worked to create opportunities for people and communities to build and maintain wealth. NCRC members include community reinvestment organizations, community development corporations, local and state government agencies, faith-based institutions, fair housing and civil rights groups, minority and women-owned business associations, and housing counselors from across the nation. NCRC partners with many of the nation&#8217;s largest banks to develop Community Benefits Agreements that channel billions of dollars into underserved communities and ensure transparency, accountability, and long-term impact. Our Innovation Council convenes fintech leaders to advance inclusive financial solutions. These partnerships create collaborative spaces where stakeholders share insights, develop strategies, and advance equitable access to financial services.<\/p><p>Granting Stripe a national trust bank charter would establish a fiduciary relationship between BNTB and consumers nationwide, allowing BNTB to offer custodial services, hold consumer funds, and manage settlements. The OCC must reject Stripe\u2019s application for a national trust bank charter due to serious concerns regarding Stripe\u2019s disregard for enforcement, governance, compliance, and consumer protection laws.<\/p><h3>The OCC does not have authority to issue national trust bank charters to crypto and stablecoin companies.<\/h3><p>The OCC charters national banks under the authority of the National Bank Act of 1864, as amended.<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a>\u00a0However, the OCC\u2019s recent consideration of limited purpose national trust charters for stablecoin issuers and other fintech firms exceeds the agency\u2019s authority under the National Bank Act.<\/p><p>BNTB is not a trust company but is seeking to engage in core banking activities, including facilitating payments and taking deposits, without obtaining deposit insurance or becoming subject to consolidated Federal Reserve supervision: &#8220;granting these firms limited-purpose trust charters would blur the statutory boundaries of what constitutes a \u201cbank,\u201d undermine the credibility of the national charter, and heighten systemic risk by allowing them to operate under a lighter regulatory regime.\u201d<a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a><\/p><p>The OCC may deny the application if significant supervisory, CRA (if applicable), or compliance concerns exist. These factors include whether the applicant presents significant supervisory, compliance, or Community Reinvestment Act (CRA)<sup>\u00a0<a href=\"#_ftn3\" name=\"_ftnref3\">[3]<\/a><\/sup>\u00a0concerns, and whether its proposed activities are consistent with the purposes of the Federal Deposit Insurance Act, the National Bank Act, and the Home Owners\u2019 Loan Act. As noted above, BNTB\u2019s proposed activities are not consistent with the purposes of the National Bank Act. The OCC does not have the authority to grant this entity a national trust bank charter.<\/p><p>Furthermore, as discussed below,\u00a0Stripe\u2019s management record and inadequate internal controls fall short of the standards the OCC is required to evaluate when reviewing charter applications for national banks.\u00a0In reviewing charter applications for national banks, the factors and principles that the OCC must consider include<a href=\"#_ftn4\" name=\"_ftnref4\">[4]<\/a>:<\/p><ul><li>Maintaining a safe and sound banking system;<a href=\"#_ftn5\" name=\"_ftnref5\"><sup>[5]<\/sup><\/a><\/li><li>Encouraging a national bank to provide fair access to financial services by helping to meet the credit needs of its entire community;<a href=\"#_ftn6\" name=\"_ftnref6\"><sup>[6]<\/sup><\/a><\/li><li>Ensuring compliance with laws and regulations;<a href=\"#_ftn7\" name=\"_ftnref7\"><sup>[7]<\/sup><\/a>\u00a0and<\/li><li>Promoting fair treatment of customers, including efficiency and better service.<a href=\"#_ftn8\" name=\"_ftnref8\"><sup>[8]<\/sup><\/a><\/li><\/ul><p>In addition, federal regulations detail the policy considerations that the OCC accounts for when evaluating an application to establish a national bank. The OCC considers whether the proposed institution:<\/p><ul><li>Has organizers who are familiar with national banking laws and regulations or Federal savings association laws and regulations, respectively;<a href=\"#_ftn9\" name=\"_ftnref9\"><sup>[9]<\/sup><\/a><\/li><li>Has competent management, including a board of directors, with ability and experience relevant to the types of services to be provided;<a href=\"#_ftn10\" name=\"_ftnref10\"><sup>[10]<\/sup><\/a><\/li><li>Has capital that is sufficient to support the projected volume and type of business;<a href=\"#_ftn11\" name=\"_ftnref11\"><sup>[11]<\/sup><\/a><\/li><li>Can reasonably be expected to achieve and maintain profitability;<a href=\"#_ftn12\" name=\"_ftnref12\"><sup>[12]<\/sup><\/a><\/li><li>Will be operated in a safe and sound manner;<a href=\"#_ftn13\" name=\"_ftnref13\"><sup>[13]<\/sup><\/a>\u00a0and<\/li><li>Does not have a title that misrepresents the nature of the institution or the services it offers.<a href=\"#_ftn14\" name=\"_ftnref14\"><sup>[14]<\/sup><\/a><\/li><\/ul><p>As discussed below, Stripe again falls short of the standards and requirements necessary for the operation of a national bank.<\/p><h3>1.\u00a0 Stripe\u2019s history of enforcement actions and litigation creates significant supervisory and compliance concerns, and shows a disregard for regulatory compliance, consumer protection, governance, and risk management.<\/h3><p>A history of public enforcement actions and litigation matters raises fundamental questions about the character and fitness of Stripe\u2019s leadership and their ability to implement adequate internal controls and risk management measures. These actions and cases raise doubts about Stripe\u2019s ability, or willingness, to invest in the creation of adequate internal controls and risk management systems that are necessary for the operation of a national trust bank. Below are details of two recent actions against Stripe or its affiliates, which demonstrate a reckless disregard for regulatory compliance and consumer protection.<\/p><h4 style=\"margin-left: 50px;\">1.1. Massachusetts Attorney General Enforcement Action (2020)<\/h4><p style=\"margin-left: 50px;\">The Massachusetts Attorney General found that Stripe facilitated payments for the fraudulent \u201cPlexCoin\u201d cryptocurrency initial coin offering, despite substantial indications of unlawful activity. The Attorney General concluded that Stripe\u2019s risk-monitoring and fraud-prevention systems failed to meet state consumer-protection requirements.<a href=\"#_ftn15\" name=\"_ftnref15\">[15]<\/a><\/p><p style=\"margin-left: 50px;\">Stripe agreed to pay $120,000 and implement enhanced fraud-control and employee-training protocols.<\/p><p style=\"margin-left: 50px;\">This formal enforcement action demonstrates inadequate oversight in a high-risk financial-technology environment\u2014directly relevant to the obligations of any entity seeking to own or control a national trust bank.<\/p><h4 style=\"margin-left: 50px;\">1.2. FTC v. Empire Holdings (Storefunnels) \u2013 Motion to Enforce Compliance (2024\u20132025)<\/h4><p style=\"margin-left: 50px;\">In an FTC-related federal receivership, the court-appointed receiver alleged that Stripe violated an asset-freeze order by processing an improper withdrawal. After issuing multiple non-compliance notices, the receiver filed a Motion to Enforce, asserting that Stripe failed for several months to transfer approximately $39,720 to the receivership estate. The motion requests court-ordered compliance and potential sanctions.<a href=\"#_ftn16\" name=\"_ftnref16\">[16]<\/a><\/p><p style=\"margin-left: 50px;\">Although no final enforcement order has issued, these allegations raise serious concerns about Stripe&#8217;s internal controls, responsiveness to court-ordered remedies, cooperation with regulatory processes, and safeguarding of consumer restitution funds\u2014core competencies expected of fiduciary and trust-bank operations.<\/p><h4 style=\"margin-left: 50px;\">1.3.\u00a0\u00a0Major Litigation Demonstrating Compliance, Privacy, and Consumer Protection Risks<\/h4><p style=\"margin-left: 50px;\">Stripe also faces substantial legal scrutiny in federal courts, where multiple lawsuits allege serious deficiencies in its privacy practices, data-governance systems, and handling of customer funds. These actions collectively raise concerns about Stripe\u2019s suitability to operate a national trust bank, where heightened consumer protection, data integrity, and fiduciary asset safeguarding obligations apply.<\/p><ul><li style=\"margin-left: 50px;\"><strong>Silver v. Stripe, Inc. (N.D. Cal.) \u2013 Privacy and Data-Governance Failures:<\/strong><br \/>In a lawsuit filed in 2021, plaintiffs allege that Stripe secretly captured extensive behavioral and identifying information through its \u201cStripe Elements\u201d checkout tools\u2014including keystrokes, mouse movements, IP addresses, geolocation, browser activity, payment information, and cross-site behavior\u2014without user knowledge or consent.<a href=\"#_ftn17\" name=\"_ftnref17\">[17]<\/a>\u00a0The lawsuit asserts violations of the California Invasion of Privacy Act, Washington Wiretap Act, Florida Security of Communications Act, intrusion upon seclusion, and the California Unfair Competition Law. A federal judge denied, in part, Stripe\u2019s motion to dismiss, allowing major claims to proceed. These allegations indicate a pattern of undisclosed surveillance practices that fall short of the transparency, adequacy of internal controls, governance, and consumer data protections expected of a federally regulated trust institution.<\/li><li style=\"margin-left: 50px;\"><strong>Lockhart v.\u00a0Crumbl, LLC (N.D. Cal., 2024) \u2013 Unlawful Tracking Technologies Provided by Stripe:<\/strong><br \/>A class action complaint alleges that Stripe\u2019s tracking code, embedded on\u00a0Crumbl\u2019s\u00a0website, enabled Stripe to collect consumers\u2019 names, email and delivery addresses, IP addresses, geolocation, browser activity, and payment-related information without consent.<a href=\"#_ftn18\" name=\"_ftnref18\">[18]<\/a>\u00a0The suit asserts unlawful wiretapping and privacy violations under state law. Although Stripe is not the named defendant, the allegations center on Stripe\u2019s own tracking and risk-scoring technologies, raising significant concerns about Stripe\u2019s data-collection practices and the risks posed by granting a trust charter to an entity whose core technologies have been alleged to facilitate hidden surveillance across merchant websites.<\/li><li style=\"margin-left: 50px;\"><strong>Riles v. Stripe, Inc. (N.D. Cal., 2025) \u2013 Fraud and Conversion Allegations:<\/strong><br \/>In this federal class action, plaintiffs allege that Stripe engaged in fraud, conversion, and violations of federal business-practices laws through its handling of customer funds.<a href=\"#_ftn19\" name=\"_ftnref19\">[19]<\/a>\u00a0The case remains in early stages, but the live claims of improper fund treatment are directly relevant to a trust bank charter, which requires the highest standards of fiduciary conduct and consumer asset protection. The allegations raise serious concerns about Stripe\u2019s operational integrity and whether it can be entrusted with the responsibilities of a national trust institution.<\/li><\/ul><h3>2.\u00a0 Granting a national trust bank charter to Stripe would enable regulatory arbitrage that harms communities and consumers.<\/h3><p>A national trust charter would provide Stripe with the reputational benefits, enhanced market credibility, and federal regulatory status of a banking institution while allowing it to avoid many of the fundamental obligations that justify such privileges. This arrangement would create dangerous imbalances in four areas: community investment responsibilities, consumer protection standards, regulatory oversight and accountability, and systemic risk management. Any form of national bank charter is a privilege, accompanied by obligations to communities and consumers. Approving Stripe\u2019s application would create a two-tier system where digital asset firms receive comparable federal status without comparable public obligations, undermining the integrity of the entire chartering framework.<\/p><p>The US has a well-established legal and regulatory framework that governs banks and banking activities. This framework exists to ensure strong consumer protections, including transparency around fees and privacy; rigorous anti-money laundering (AML) and counter-terrorism financing requirements; fraud prevention and reporting obligations; deposit insurance to protect consumers\u2019 funds; and the overall safety and soundness of the U.S. financial system. Issuing national trust bank charters to crypto and stablecoin companies would create regulatory arbitrage, weaken public trust, and expose consumers and markets to unnecessary risk.<\/p><h4 style=\"margin-left: 50px;\">2.1\u00a0 Lost Reinvestment to Communities and the Need for Community Development Obligations<\/h4><p style=\"margin-left: 50px;\">National trust banks are not subject to Community Reinvestment Act (CRA) requirements, meaning Stripe \u2013 an entity that proposed to engage in some traditional banking services such as taking and holding consumer deposits \u2013 would gain the prestige and benefits of a federal charter without any obligation to serve low- and moderate-income communities or meet local credit needs. Traditional banks must demonstrate how they reinvest deposits back into their communities\u2014Stripe would face no such requirement. Stripe&#8217;s involvement in stablecoin issuance means a trust charter would legitimize diverting potentially billions of dollars from community bank deposits into stablecoins held by an entity with no corresponding community reinvestment obligation. This diversion of capital away from community reinvestment represents a fundamental departure from the principle that federally chartered institutions should serve public purposes, not merely private profit.<\/p><p style=\"margin-left: 50px;\">The CRA states that banks which benefit from federal deposit insurance have an obligation to meet the credit needs of entire communities, meaning that banks cannot solely serve the wealthiest customers. They must serve the needs of low- and moderate-income households as well. Stablecoin issuers should be held to CRA-like standards as they will also rely on a supervisory regime that assures consumers that stablecoins are sound ways to store money.<\/p><p style=\"margin-left: 50px;\">Until stablecoin legislation requires stablecoin issuers to reinvest a portion of their proceeds into community development projects in underserved communities, no stablecoin issuer should receive any form of bank charter. Traditional deposit insurance is a form of public subsidy to the banking industry and will grant the patina of legitimacy to a national trust bank even if it is, in form but not substance, only providing custodial services, in exchange for which banks accept obligations to the public interest. The same exchange should apply to stablecoin issuance.<\/p><p style=\"margin-left: 50px;\">Applying community development obligations to stablecoin issuers would drive billions of dollars into needed community and economic development projects and initiatives. In 2023 alone, banks originated over $127 billion in loans that meet the CRA\u2019s definition of community development for LMI communities and households.<a href=\"#_ftn20\" name=\"_ftnref20\">[20]<\/a>\u00a0In addition, ensuring community development conditions are being met by nonbank or national trust bank issuers would also allow for a more level playing field between banks, especially community banks \u2013 and nonbank or national trust bank issuers.<\/p><h4 style=\"margin-left: 50px;\">2.2\u00a0 Threat of Consumer Harm<\/h4><p style=\"margin-left: 50px;\">As noted in several comment letters submitted earlier this year by NCRC, granting a national trust bank charter to cryptocurrency and stablecoin companies threatens to harm consumers on multiple levels.<\/p><p style=\"margin-left: 50px;\">Consumers using stablecoins issued by a \u201cnational trust bank\u201d would not have protections that federally insured deposits offer; however, the trust bank charter will confer the appearance of regulatory legitimacy and safety, which is likely to mislead and confuse consumers. This perception gap increases public exposure to financial loss while allowing Stripe to benefit from the reputational privileges of the federal banking system without offering the core protections that actual banks provide.<\/p><p style=\"margin-left: 50px;\">In addition, a stablecoin issuer taking consumer deposits under a national trust bank charter would not be subject to the OCC\u2019s National Bank Charges regulation, which requires full-service banks to consider key consumer protection principles when setting fees. A federal trust charter would also preempt state-level money transmitter licenses and consumer protection laws that would currently apply to Stripe&#8217;s operations in many jurisdictions. This federal preemption could weaken consumer protections that states have enacted specifically for digital asset activities. Trust banks aren&#8217;t FDIC-insured, but the \u201cnational bank\u201d label could mislead consumers into expecting federal protection, creating moral hazard and exposing them to avoidable harm.<\/p><h3>3.\u00a0 Stablecoin issuers should not be permitted to use a federal trust bank charter to avoid state-level consumer protections.<\/h3><p>Traditional banks that maintain community reinvestment programs, robust compliance infrastructure, and comprehensive consumer protections would face a competitive disadvantage against Stripe operating under a lighter trust charter while enjoying comparable market credibility. This regulatory arbitrage allows Stripe to gain federal banking status while avoiding the obligations and safeguards that justify such privileges. The OCC should not permit Stripe to use a trust charter as a regulatory shortcut to avoid state-level oversight while lacking the responsibilities and protections of insured banking institutions. The resulting competitive distortion could trigger a race to the bottom, incentivizing other institutions to seek similar arrangements. Moreover, granting federal banking status to an entity with Stripe&#8217;s unsettled risk profile, particularly one involved in stablecoin issuance that could scale to trillions of dollars, introduces systemic risk without corresponding safeguards, deposit insurance, or resolution mechanisms that protect depositors when traditional banks fail.<\/p><h4 style=\"margin-left: 50px;\">3.1.\u00a0 Risks to Safety and Soundness and Government Bailout<\/h4><p style=\"margin-left: 50px;\">Despite the passage of the GENIUS Act, federal regulators have yet to finalize this law\u2019s implement regulations, which will be critical to establish clear rules for stablecoins, leaving critical issues of backing, redemption, and oversight in regulatory limbo. Even after the GENIUS Act and its implementing regulations all go into effect, which could take several years, legal scholar Art Wilmarth warns that \u201cBy placing the federal government\u2019s seal of approval on uninsured and weakly-regulated nonbank stablecoins, the GENIUS Act would greatly increase the likelihood that future runs on stablecoins would trigger systemic financial crises and require costly government bailouts.\u201d<a href=\"#_ftn21\" name=\"_ftnref21\">[21]<\/a><\/p><p style=\"margin-left: 50px;\">Granting Stripe a trust bank charter before a comprehensive regulatory framework is in place would expose both consumers and the broader financial system to poorly understood risks. BNTB\u2019s proposed banking operations would create an unprecedented moral hazard by extending the federal safety net to a company whose core business involves highly volatile digital assets. Stablecoin issuers operating through platforms like Stripe\u2019s open-issuance infrastructure pursue profit-driven business models that are uniquely susceptible to destabilizing runs in the absence of rigorous reserve, redemption, and risk-management standards.<a href=\"#_ftn22\" name=\"_ftnref22\">[22]<\/a><\/p><h4 style=\"margin-left: 50px;\">3.2.\u00a0 Separation of Banking and Commerce<\/h4><p style=\"margin-left: 50px;\">In the United States, bright lines have existed to separate banking from commerce. The separation of banking and commerce is critical to maintaining the safety and soundness of our financial system. The national trust bank charter is a problematic contradiction to that principle. If Stripe receives a charter, regulators will have little insight into its corporate parent\u2019s operations even though they have many interdependent relationships.<\/p><h3>4.\u00a0 The OCC must place a moratorium on all stablecoin company charter applications until laws and regulations can effectively address safety and soundness concerns and protect consumers against fraud.<\/h3><p>The current regulatory framework governing cryptocurrency and stablecoins fails to prevent massive fraud and financial losses. It does not adequately address stablecoin liquidity standards, reserve requirements, or consumer protection, and these gaps have allowed criminal exploitation to flourish.<\/p><p>The digital asset ecosystem has been plagued by fraud, hacking, and cybercrime, with billions of dollars in losses annually. US consumers are already losing billions of dollars a year to fraud, with stablecoins overtaking Bitcoin as the illicit currency of choice for criminals.<\/p><p>According to the FBI\u2019s Internet Crime Complaint Center (IC3) 2024 Internet Crime Report, US consumer losses due to scams are increasing at a startling rate, rising from just under $4 billion in 2020, to over $16 billion in 2024.<a href=\"#_ftn23\" name=\"_ftnref23\">[23]<\/a>\u00a0Cryptocurrency has become the top way that complainants reported financial loss in fraud, accounting for $9.3 billion dollars in losses in 2024 alone.<a href=\"#_ftn24\" name=\"_ftnref24\">[24]<\/a>\u00a0As a group, those over the age of 60 suffered the most losses and submitted the most complaints referencing cryptocurrency.<a href=\"#_ftn25\" name=\"_ftnref25\">[25]<\/a>\u00a0While Bitcoin was the currency of choice for cybercriminals for years, this changed in 2022: a 2025 report shows a seismic shift to stablecoins that now account for 63% of all illicit crypto transactions.<a href=\"#_ftn26\" name=\"_ftnref26\">[26]<\/a>\u00a0In June of this year, the Financial Action Task Force (FATF), a leading global financial crime watchdog, recently called on countries to take stronger action to combat illicit finance in crypto assets, warning that gaps in regulation could have global repercussions.<a href=\"#_ftn27\" name=\"_ftnref27\">[27]<\/a><\/p><p>A related concern involves Stripe&#8217;s proposed Bridge National Trust Bank and its integration into the stablecoin and digital-asset payments ecosystem. Bridge Network\u00a0<strong><em>(\u201cBridge\u201d),<\/em><\/strong>\u00a0which Stripe acquired for over $1 billion, is seeking a national trust charter to issue stablecoins, custody digital assets, and manage stablecoin reserves. These activities would place Stripe at the center of digital-asset infrastructure that has enabled widespread cryptocurrency-kiosk and wallet-based fraud\u2014a rapidly growing consumer-protection crisis disproportionately harming seniors and vulnerable individuals.<\/p><p>While Stripe does not directly operate crypto kiosks or retail exchanges, it has launched stablecoin financial accounts,<a href=\"#_ftn28\" name=\"_ftnref28\">[28]<\/a>\u00a0supports global USDC payments, and is developing custody and settlement rails for crypto platforms, fintech firms, and cross-border remittance providers. Bridge has tested blockchain-based settlement and stablecoin-issuance models, and its trust bank would provide &#8220;custody, stablecoin issuance, [and] management of stablecoin reserves,&#8221; according to company leadership. These functions create the possibility that Bridge National Trust could become an indirect liquidity, issuance, or settlement provider to cryptocurrency kiosks, payment aggregators, wallet providers, and high-risk exchange networks.<\/p><p>Given Stripe&#8217;s lack of experience operating a federally supervised financial institution, the OCC should closely scrutinize whether Stripe\/Bridge possesses adequate anti-money-laundering, sanctions-screening, and transaction-monitoring controls to detect and respond to transactional patterns characteristic of kiosk-related scams and other crypto-enabled schemes.<\/p><p>Recent federal and state data underscore the scale of this threat posed by stablecoin and crypto-kiosk fraud. The Federal Trade Commission reported that consumers lost over $65 million to Bitcoin ATM scams in the first half of 2024, with a median individual loss of $10,000, and that older adults were several times more likely to be targeted.<a href=\"#_ftn29\" name=\"_ftnref29\">[29]<\/a>\u00a0FinCEN and multiple state attorneys general have documented that kiosks have been used to launder \u201cmillions\u201d in criminal proceeds, prompting a wave of new state laws imposing transaction caps, disclosure mandates, refund rights, and operator registration requirements.<\/p><p>Finally, the OCC should also deny all stablecoin company charter applications until the Secretary of the Treasury has finalized rules to implement Section 5(A) of the GENIUS Act. That section of the Act provides that a permitted payment stablecoin issuer shall be treated as a financial institution for purposes of the Bank Secrecy Act, and as such, shall be subject to all federal laws applicable to a financial institution located in the United States relating to economic sanctions, prevention of money laundering, customer identification, and due diligence.<\/p><p>Before the OCC considers granting a charter to any stablecoin issuer, the following rules and regulations implementing provisions of the GENIUS Act must be in place:<\/p><ul><li>The Federal Reserve Board is authorized to issue regulations related to reserve requirements and liquidity standards for federally regulated stablecoin issuers.<a href=\"#_ftn30\" name=\"_ftnref30\">[30]<\/a><\/li><li>The Federal Deposit Insurance Corporation may issue rules to ensure that insured depository institutions issuing stablecoins comply with capital and risk management standards.<a href=\"#_ftn31\" name=\"_ftnref31\">[31]<\/a><\/li><li>The Department of the Treasury is authorized to issue rules on consumer protection, including public disclosures of reserve composition, redemption procedures and prohibited marketing practices.<a href=\"#_ftn32\" name=\"_ftnref32\">[32]<\/a><\/li><li>The Financial Crimes Enforcement Network is authorized to issue implementing regulations under the Bank Secrecy Act to ensure anti-money laundering and sanctions compliance by stablecoin issuers.<a href=\"#_ftn33\" name=\"_ftnref33\">[33]<\/a><\/li><li>The Secretary of the Treasury is granted broad authority to issue rules and guidance necessary to carry out the act.<a href=\"#_ftn34\" name=\"_ftnref34\">[34]<\/a><\/li><\/ul><h3>5.\u00a0 The comment period for charter applications must be extended to at least 90 days.<\/h3><p>A key feature of the American democratic process is the opportunity for public engagement in the lawmaking process and in the American banking law this means the public\u2019s right to participate by submitting comments on charter applications. A 30-day comment period for national trust applications is simply not sufficient for meaningful public engagement.<\/p><p>We urge the OCC to publicize the nonpublic portions of all stablecoin issuer charter applications (redacting any nonpublic personal information about the proposed entities\u2019 officers or directors). Finally, we request that the OCC extend the comment periods for all such applications to 90 days.<\/p><h3><strong>Conclusion<\/strong><\/h3><p>The OCC must reject Stripe\u2019s application for a national trust bank charter. Granting a national trust bank charter to Stripe would enable regulatory arbitrage, reduce community development, risk significant harm to consumers and communities, and would create systemic risk. Finally, until the GENIUS Act is effective and its implementing regulations are finalized, granting a national trust bank charter to a stablecoin issuer will create systemic risk and will fuel illicit finance and fraud that are already wreaking havoc on U.S. consumers.<\/p><p>Thank you for considering this request. If you have any questions about this letter, please contact Jesse Van Tol, NCRC\u2019s Chief Executive Officer, at 202-464-2709 or\u00a0<a href=\"mailto:jvantol@ncrc.org\">jvantol@ncrc.org<\/a>.<\/p><p>Sincerely,<\/p><p>Jesse Van Tol<br \/>Chief Executive Officer<br \/>NCRC<\/p><p>\u00a0<\/p><p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a>\u00a012 U.S.C. 1\u00a0<em>et seq<\/em>.<br \/><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a>\u00a0Bank Policy Institute, BPI urges OCC to preserve the integrity of national trust charters. BPI.\u00a0<a href=\"https:\/\/bpi.com\/bpi-urges-occ-to-preserve-the-integrity-of-national-trust-charters\/\" target=\"_blank\" rel=\"noopener\">https:\/\/bpi.com\/bpi-urges-occ-to-preserve-the-integrity-of-national-trust-charters\/<\/a><br \/><a href=\"#_ftnref3\" name=\"_ftn3\"><sup>[3]<\/sup><\/a>\u00a0Ibid., 4.<br \/><a href=\"#_ftnref4\" name=\"_ftn4\">[4]<\/a>\u00a012 C.F.R. s. 5.20(e).<br \/><a href=\"#_ftnref5\" name=\"_ftn5\"><sup>[5]<\/sup><\/a>\u00a012 CFR 5.20(f)(1)(i)<br \/><a href=\"#_ftnref6\" name=\"_ftn6\"><sup>[6]<\/sup><\/a>\u00a012 CFR 5.20(f)(1)(ii)<br \/><a href=\"#_ftnref7\" name=\"_ftn7\"><sup>[7]<\/sup><\/a>\u00a0Ibid.<br \/><a href=\"#_ftnref8\" name=\"_ftn8\"><sup>[8]<\/sup><\/a>\u00a0Ibid.<br \/><a href=\"#_ftnref9\" name=\"_ftn9\"><sup>[9]<\/sup><\/a>\u00a012 CFR 5.20(f)(2)(i)(A)<br \/><a href=\"#_ftnref10\" name=\"_ftn10\"><sup>[10]<\/sup><\/a>\u00a012 CFR 5.20(f)(2)(i)(B)<br \/><a href=\"#_ftnref11\" name=\"_ftn11\"><sup>[11]<\/sup><\/a> 12 CFR 5.20(f)(2)(i)(C)<br \/><a href=\"#_ftnref12\" name=\"_ftn12\"><sup>[12]<\/sup><\/a>\u00a012 CFR 5.20(f)(2)(i)(D)<br \/><a href=\"#_ftnref13\" name=\"_ftn13\"><sup>[13]<\/sup><\/a>\u00a012 CFR 5.20(f)(2)(i)(E)<br \/><a href=\"#_ftnref14\" name=\"_ftn14\"><sup>[14]<\/sup><\/a>\u00a012 CFR 5.20(f)(2)(i)(F)<br \/><a href=\"#_ftnref15\" name=\"_ftn15\">[15]<\/a>\u00a0Office of the Attorney General, Commonwealth of Massachusetts, \u201cPayment Processor to Pay $120,000 in Connection with Cryptocurrency Scheme,\u201d press release, September 18, 2020,\u00a0<a href=\"https:\/\/www.mass.gov\/news\/payment-processor-to-pay-120000-in-connection-with-cryptocurrency-scheme\" target=\"_blank\" rel=\"noopener\">https:\/\/www.mass.gov\/news\/payment-processor-to-pay-120000-in-connection-with-cryptocurrency-scheme<\/a><br \/><a href=\"#_ftnref16\" name=\"_ftn16\">[16]<\/a>\u00a0Receiver Kevin Dooley Kent\u2019s\u00a0<em>Motion to Enforce Stripe Inc.\u2019s Compliance with Stipulated Preliminary Injunction and Stipulated Permanent Injunction<\/em>, No. 80 (FTC v.\u00a0<em>Empire Holdings Group LLC<\/em>\u00a0d\/b\/a\u00a0<em>Ecommerce Empire Builders<\/em>\u00a0d\/b\/a\u00a0<em>StoreFunnels.net<\/em>\u00a0and\u00a0<em>Peter Prusinowski<\/em>, U.S. Dist. Ct. E.D. Pa., No. 2:24-cv-04949-WB, May 30, 2025)<br \/><a href=\"#_ftnref17\" name=\"_ftn17\">[17]<\/a>\u00a0Silver v. Stripe Inc., No. 4:20-cv-08196-YGR (N.D. Cal. Apr. 12, 2021) (order granting in part and denying in part defendant\u2019s motion to dismiss plaintiffs\u2019 amended complaint), ECF No. 48.\u00a0<a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/USCOURTS-cand-4_20-cv-08196\/pdf\/USCOURTS-cand-4_20-cv-08196-0.pdf?utm_.com\" target=\"_blank\" rel=\"noopener\">https:\/\/www.govinfo.gov\/content\/pkg\/USCOURTS-cand-4_20-cv-08196\/pdf\/USCOURTS-cand-4_20-cv-08196-0.pdf?utm_.com<\/a><br \/><a href=\"#_ftnref18\" name=\"_ftn18\">[18]<\/a>\u00a0Kelsey McCroskey, \u201cCookie Chain\u00a0Crumbl\u00a0Hit With Privacy Lawsuit Over Alleged Stripe Data Tracking,\u201d\u00a0<em>ClassAction.org Legal News Wire<\/em>, May 9, 2024,\u00a0<a href=\"https:\/\/www.classaction.org\/news\/cookie-chain-crumbl-hit-with-privacy-lawsuit-over-alleged-stripe-data-tracking?utm_.com\" target=\"_blank\" rel=\"noopener\">https:\/\/www.classaction.org\/news\/cookie-chain-crumbl-hit-with-privacy-lawsuit-over-alleged-stripe-data-tracking?utm_.com<\/a><br \/><a href=\"#_ftnref19\" name=\"_ftn19\">[19]<\/a>\u00a0<em>Riles v. Stripe, Inc.<\/em>, No. 3:25-cv-09120 (N.D. Cal. Oct. 23, 2025),\u00a0<a href=\"https:\/\/dockets.justia.com\/docket\/california\/candce\/3%3A2025cv09120\/458549?utm_.com\" target=\"_blank\" rel=\"noopener\">https:\/\/dockets.justia.com\/docket\/california\/candce\/3%3A2025cv09120\/458549?utm_.com<\/a>.<br \/><a href=\"#_ftnref20\" name=\"_ftn20\">[20]<\/a>\u00a0American Bankers Association,\u00a0<em>Community Reinvestment Act<\/em>, accessed November 13, 2025,\u00a0<a href=\"https:\/\/www.aba.com\/banking-topics\/compliance\/acts\/community-reinvestment-act?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">https:\/\/www.aba.com\/banking-topics\/compliance\/acts\/community-reinvestment-act<\/a><br \/><a href=\"#_ftnref21\" name=\"_ftn21\">[21]<\/a>\u00a0Open Banker, \u201cCongress Must Reject the GENIUS Act and Remove the Dangers Posed by Nonbank Stablecoins\u201d by Art Wilmarth:\u00a0<a href=\"https:\/\/ourfinancialsecurity.org\/wp-content\/uploads\/2025\/07\/AFR-Factsheet.GENIUS-Acts-Flaws-and-Failures.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/ourfinancialsecurity.org\/wp-content\/uploads\/2025\/07\/AFR-Factsheet.GENIUS-Acts-Flaws-and-Failures.pdf<\/a><br \/><a href=\"#_ftnref22\" name=\"_ftn22\">[22]<\/a> Financial Stability Oversight Council, 2024 Annual Report (Washington, DC: U.S. Department of the Treasury, 2024), 8, <a href=\"https:\/\/home.treasury.gov\/system\/files\/261\/FSOC2024AnnualReport.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/home.treasury.gov\/system\/files\/261\/FSOC2024AnnualReport.pdf<\/a>.<br \/><a href=\"#_ftnref23\" name=\"_ftn23\">[23]<\/a>\u00a0Federal Bureau of Investigation,\u00a0<em>2024 Internet Crime Report<\/em> (Washington, DC: Internet Crime Complaint Center, 2025), 7, <a href=\"https:\/\/www.ic3.gov\/AnnualReport\/Reports\/2024_IC3Report.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.ic3.gov\/AnnualReport\/Reports\/2024_IC3Report.pdf<\/a>.<br \/><a href=\"#_ftnref24\" name=\"_ftn24\">[24]<\/a>\u00a0Ibid., 3.<br \/><a href=\"#_ftnref25\" name=\"_ftn25\">[25]<\/a>\u00a0Ibid., 35.<br \/><a href=\"#_ftnref26\" name=\"_ftn26\">[26]<\/a>\u00a0Chainalysis, \u201c2025 Crypto Crime Report: Illicit Volumes Portend Record Year as On-Chain Crime Becomes<br \/>Increasingly Diverse and Professionalized,\u201d January 15, 2025,\u00a0<a href=\"https:\/\/www.chainalysis.com\/blog\/2025-crypto-%20crime-report-introduction\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.chainalysis.com\/blog\/2025-crypto-<\/a><a href=\"https:\/\/www.chainalysis.com\/blog\/2025-crypto-%20crime-report-introduction\/\" target=\"_blank\" rel=\"noopener\">crime-report-introduction\/<\/a><br \/><a href=\"#_ftnref27\" name=\"_ftn27\">[27]<\/a>\u00a0Reuters, \u201cGlobal financial crime watchdog calls for action on crypto risks,\u201d June 25, 2025, <a href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/global-financial-crime-watchdog-calls-action-%20%20crypto-risks-2025-06-26\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/global-financial-crime-watchdog-calls-action-<\/a><a href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/global-financial-crime-watchdog-calls-action-%20%20crypto-risks-2025-06-26\/\" target=\"_blank\" rel=\"noopener\">crypto-risks-2025-06-26\/<\/a><br \/><a href=\"#_ftnref28\" name=\"_ftn28\">[28]<\/a>\u00a0Stripe, \u201cIntroducing Stablecoin Financial Accounts in 101 Countries,\u201d\u00a0<em>Stripe Blog<\/em>, May 20 2025,\u00a0<a href=\"https:\/\/stripe.com\/blog\/introducing-stablecoin-financial-accounts?utm_.com\" target=\"_blank\" rel=\"noopener\">https:\/\/stripe.com\/blog\/introducing-stablecoin-financial-accounts?utm_.com<\/a><br \/><a href=\"#_ftnref29\" name=\"_ftn29\">[29]<\/a>\u00a0Federal Trade Commission, \u201cNew FTC Data Shows Massive Increase in Losses to Bitcoin ATM Scams,\u201d press release, September 3, 2024,\u00a0<a href=\"https:\/\/www.ftc.gov\/news-events\/news\/press-releases\/2024\/09\/new-ftc-data-shows-massive-increase-losses-bitcoin-atm-scams\" target=\"_blank\" rel=\"noopener\">https:\/\/www.ftc.gov\/news-events\/news\/press-releases\/2024\/09\/new-ftc-data-shows-massive-increase-losses-bitcoin-atm-scams<\/a><br \/><a href=\"#_ftnref30\" name=\"_ftn30\">[30]<\/a>\u00a0GENIUS Act, Sec. 4(e)(2), S.1582, 119th Cong.<br \/><a href=\"#_ftnref31\" name=\"_ftn31\">[31]<\/a> GENIUS Act, Sec. 4(e)(3), S.1582, 119th Cong.<br \/><a href=\"#_ftnref32\" name=\"_ftn32\">[32]<\/a>\u00a0GENIUS Act, Sec. 6(a)\u2013(c), S.1582, 119th Cong.<br \/><a href=\"#_ftnref33\" name=\"_ftn33\">[33]<\/a>\u00a0GENIUS Act, Sec. 7(b), S.1582, 119th Cong.<br \/><a href=\"#_ftnref34\" name=\"_ftn34\">[34]<\/a>\u00a0GENIUS Act, Sec. 13(a), S.1582, 119th Cong.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Complete the form to download the pdf: Yes, send me updates by email about NCRC research, events and news. Download Now Complete the form to download the pdf: Download November 13, 2025 Sebastian R. AstradaDirector for Licensing, Midsize, Trust, Credit Card, and Novel BanksOffice of the Comptroller of the Currency400 7th St., SWWashington, DC 20219 [&hellip;]<\/p>\n","protected":false},"author":3745,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_angie_page":false,"content-type":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"page_builder":"","footnotes":""},"categories":[1046],"tags":[],"class_list":["post-270857","post","type-post","status-publish","format-standard","hentry","category-testimony"],"acf":[],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"NCRC","author_link":""},"uagb_comment_info":0,"uagb_excerpt":"Complete the form to download the pdf: Yes, send me updates by email about NCRC research, events and news. 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