The NCRC has urged the Office of the Comptroller of the Currency to deny Stripe Inc.’s application for a national trust bank charter for Bridge National Trust Bank.
The organisation, which coordinates various community-focused groups across the US, argued that granting the charter would allow Stripe to engage in activities resembling traditional banking without meeting the obligations typically required of federally regulated institutions.
NCRC contends that the OCC lacks statutory authority under the National Bank Act to issue national trust charters to companies engaged in stablecoin or broader crypto-asset activity. The group argues that BNTB’s planned services, including custodial functions and settlement operations, resemble core banking activities that generally require deposit insurance and consolidated supervision.
Concerns regarding legal authority and compliance record
The submission also highlights Stripe’s record of regulatory actions and litigation. Past enforcement matters in Massachusetts, ongoing disputes linked to federal receiverships, and active privacy-related lawsuits, according to NCRC, raise questions about the firm’s internal controls, consumer-data governance, and ability to operate a federally supervised entity. Representatives from NCRC stated that these issues demonstrate weaknesses in governance and oversight that would ordinarily weigh against charter approval.
NCRC further argues that a national trust charter would give Stripe federal legitimacy while exempting it from Community Reinvestment Act obligations and certain fee and privacy standards that apply to insured institutions. The organisation also warned that consumers might mistakenly assume protections comparable to deposit insurance.
NCRC also pointed to risks associated with stablecoin activity, noting that regulatory requirements under the GENIUS Act have not yet been fully implemented. The group believes that approving any stablecoin-related trust charter before that framework is complete could encourage systemic vulnerabilities. NCRC concluded by requesting that the OCC extend comment periods for similar applications to 90 days to allow better public participation.
