View or download a PDF of the letter here.
AFREF submitted comments opposing the Office of Comptroller of the Currency’s effort to grant novel bank charters to cryptocurrency, financial technology, and Big Tech platforms. Congress never intended for national bank trust charters to be used by any company that wanted one. The creation of new bank charters ignores congressional intent, violates federal banking law, and contravenes a century of regulatory history and judicial precedent and would pose significant risks to the financial system and broader economy.