ICBA: OCC Denial of Wise’s Application Highlights Deficiencies in Recent National Trust Charter Applications

Washington, D.C. (July 24, 2026) - The Independent Community Bankers of America (ICBA) today issued the following statement regarding the Office of the Comptroller of the Currency's denial of Wise's application for a national trust bank charter.

"The denial of Wise's trust charter application is consistent with many of the concerns ICBA raised during the application process," ICBA President and CEO Rebeca Romero Rainey said. "Community banks welcome innovation, but it must not come at the expense of safety and soundness, regulatory consistency, or the ability of community banks to continue serving local consumers, small businesses, and rural communities."

Wise, an international financial services company headquartered in London, sought a national trust bank charter to apply for access to a Federal Reserve master account to facilitate its cross-border payments business.

In its letter to the OCC on Wise's application, ICBA urged the agency to reject the application-the only voice for community banks that objected to the application. ICBA argued that facilitating cross-border payments is too far removed from the primary purpose of a national trust bank charter, which is to provide fiduciary services. ICBA also noted that failures related to Wise US's Bank Secrecy Act and other compliance programs, including a $4.3 million fine levied by state regulators, weighed heavily against its national trust bank charter application.

More broadly, ICBA has repeatedly said in letters to the OCC that the agency lacks statutory authority to expand non-fiduciary trust powers and that the sudden influx of applications demonstrates nonbank entities are seeking the benefits of a U.S. bank charter without satisfying the full scope of U.S. bank regulations - threatening consumers and the financial system.

In a comment letter on the agency's final rule on national trust bank chartering, ICBA said the OCC's plan to charter uninsured national trust banks that engage in non-fiduciary cryptocurrency-related activities without being subject to the Bank Holding Company Act and other prudential requirements that apply to FDIC-insured institutions poses critical public policy concerns for consumers and the stability of the financial services sector.

ICBA will continue to advocate strong, clear, and consistent oversight of the financial services sector, including ensuring that applicants seeking bank charters can demonstrate the same commitment to risk management, compliance, and safe and sound operations expected of all banking organizations.

About ICBA

The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation's community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America's community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers' financial goals and dreams. For more information, visit ICBA's website at icba.org.