Ramp Seeks National Trust Bank Charter from OCC

Ramp, a corporate spend management fintech, submitted an application for a national trust bank charter to the Office of the Comptroller of the Currency (OCC) on Friday. In statements posted on X and LinkedIn, the company outlined its intent to offer fiduciary investment management and digital-asset custody services while clarifying it would not accept deposits or make commercial loans if the charter is granted.

The application follows Ramp's announcement of a $1.85 billion financing round led by Dragoneer Investment Group, boosting the company's valuation to $60 billion.

This move comes in the wake of a lawsuit filed by the Independent Community Bankers of America (ICBA) against the OCC, which claims an increase in national trust bank charter applications and approvals is undermining financial regulation. The ICBA's lawsuit, lodged on October 2, contends that the current OCC approach allows entities involved in high-risk cryptocurrency activities to enter the banking sector with less regulatory oversight than traditional banks, disadvantaging community banks.

Since the onset of President Donald Trump’s second term, the OCC has approved or conditionally approved 21 national trust bank charters, with 13 awarded to cryptocurrency firms. The ICBA argues that there is no legal justification for the OCC to grant charters to crypto trust banks that do not function as depository or fiduciary entities.

In defense, Comptroller of the Currency Jonathan Gould emphasized that the OCC evaluates applications based on the potential for success, countering claims of excessive risk. He explained that the agency does not adhere to a strict zero-risk tolerance policy.

Ji Hun Kim, CEO of the Crypto Council for Innovation, described the ICBA's legal action as an attempt to obstruct national trust charters and block innovation in financial services, asserting that limiting banking to traditional models will not quell the demand for financial advancements.

Amid these developments, Ramp has announced leadership changes, appointing co-founder Karim Atiyeh as co-CEO alongside co-founder Eric Glyman, and promoting Rahul Sengottuvelu to chief technology officer following the company’s acquisition of Cohere earlier this year.