OCC Gives Catena Preliminary Conditional Approval for National Trust Bank
The Office of the Comptroller of the Currency has granted Catena preliminary conditional approval to establish a national trust bank, named National Trust Bank. The agreement would allow the proposed bank to custody and manage fiat, securities and digital assets, subject to further conditions.
Why It Matters
If fully authorized, the bank would combine traditional custody services with digital-asset custody under a federal charter, a notable development for institutions seeking to offer integrated custody of crypto and conventional assets. Catena must still satisfy regulatory capital, liquidity and preopening requirements before it can begin operations.
Key Facts
- Regulator: Office of the Comptroller of the Currency (OCC)
- Applicant: Catena
- Proposed bank: National Trust Bank
- Approval type: Preliminary conditional approval
- Permitted services: Custody and management of fiat, securities and digital assets
The Office of the Comptroller of the Currency has given Catena preliminary conditional approval to form a national trust bank called National Trust Bank. Under the OCC's action, Catena's proposed institution would be authorized to provide custody and management services for traditional fiat currency, securities and digital assets.
The OCC's approval is conditional; Catena must meet a set of outstanding requirements before the bank may commence operations. Specifically, the firm is required to satisfy regulatory conditions related to capital levels, liquidity and preopening preparations as part of the process to convert preliminary approval into an operational charter.
If Catena fulfills those obligations and the OCC confirms compliance, the proposed bank would be positioned to offer integrated custody services spanning both conventional financial assets and digital assets. The preliminary approval reflects the regulator's willingness to consider firms that plan to combine traditional trust services with custody for digital-assets, subject to standard supervisory safeguards.
Until Catena meets the specified capital, liquidity and preopening requirements and receives final authorization, it cannot begin banking operations under the National Trust Bank charter.
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