{"id":288964,"date":"2026-06-09T10:21:09","date_gmt":"2026-06-09T14:21:09","guid":{"rendered":"https:\/\/ncrc.org\/?p=288964"},"modified":"2026-06-09T10:21:09","modified_gmt":"2026-06-09T14:21:09","slug":"ncrc-opposes-kraken-application-for-a-national-trust-bank-charter","status":"publish","type":"post","link":"https:\/\/ncrc.org\/ncrc-opposes-kraken-application-for-a-national-trust-bank-charter\/","title":{"rendered":"NCRC Opposes Kraken Application for a National Trust Bank Charter"},"content":{"rendered":"

This week, the National Community Reinvestment Coalition (NCRC) submitted a comment<\/a> to the Office of the Comptroller of the Currency (OCC) opposing the national trust bank charter application of Payward, Inc. doing business as Kraken (Payward\/Kraken) under the name Payward National Trust Company (PNTC).<\/span><\/p>\n

NCRC opposes national trust bank charters for cryptocurrency firms because granting them is contrary to the laws that require trust banks to only engage in fiduciary activities and encourages regulatory arbitrage, a loss of community reinvestment, harm to consumers and a lack of oversight and accountability. As a cryptocurrency exchange, the Payward\/Kraken application also poses risks to the safety and soundness of the financial system.<\/span><\/p>\n

\u201cPayward\/Kraken was previously sued by federal agencies for mixing its funds and digital assets with its customers\u2019 assets, and yet it now wants the government\u2019s seal of approval to become a national trust bank,\u201d said Tara Flynn, NCRC\u2019s policy director. \u201cIts past acts are disqualifying and it should not be granted a green light to act as a national bank and custodian of customer funds. The role of regulators is to protect consumers and the financial system. We urge the OCC to deny Payward\/Kraken\u2019s application.\u201d\u00a0<\/span><\/p>\n

To read the full comment letter, visit: https:\/\/ncrc.org\/ncrc-opposes-application-of-kraken-a-crypto-exchange-for-a-national-trust-bank-charter\/.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cPayward\/Kraken was previously sued by federal agencies for mixing its funds and digital assets with its customers\u2019 assets, and yet it now wants the government\u2019s seal of approval to become a national trust bank,\u201d said Tara Flynn, NCRC\u2019s policy director.<\/p>\n","protected":false},"author":951,"featured_media":0,"comment_status":"closed","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 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was previously sued by federal agencies for mixing its funds and digital assets with its customers\u2019 assets, and yet it now wants the government\u2019s seal of approval to become a national trust bank,\u201d said Tara Flynn, NCRC\u2019s policy director.","_links":{"self":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts\/288964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/users\/951"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/comments?post=288964"}],"version-history":[{"count":0,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts\/288964\/revisions"}],"wp:attachment":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/media?parent=288964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/categories?post=288964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/tags?post=288964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}