Ramp Files With OCC for National Trust Bank Charter to Offer Crypto Custody

Corporate payments platform Ramp said it applied to the Office of the Comptroller of the Currency (OCC), the U.S. federal regulator that charters national banks, for a national trust bank charter. The application was filed on Oct. 16, and Ramp announced it on Oct. 19.

The proposed entity is named Ramp National Trust Bank. Ramp said it would offer fiduciary investment management and digital asset custody. Custody means holding and safekeeping assets for clients.

Ramp said the bank "will not take deposits or make commercial loans." The proposal still needs OCC approval.

What Ramp is asking the OCC to approve

• Ramp filed its application with the OCC on Oct. 16 and announced it on Oct. 19.


• The proposed bank is called Ramp National Trust Bank.


• Its stated services are fiduciary investment management and digital asset custody.


• Ramp said it would not take deposits or make commercial loans.


• Ramp said the trust bank would place these services under "a consistent federal regulatory framework" as it builds products alongside its banking partners.


• Ramp said customer balances across its checking and investment accounts exceeded $5 billion as of Oct. 19.

How Ramp's current accounts are set up

Ramp's current banking disclosures state that checking deposits are provided by First Internet Bank of Indiana, which is a member of the FDIC, the U.S. agency that insures bank deposits. Ramp's separate Investment Account is offered by Ramp Advisory LLC, with portfolios managed by Moment Advisors and brokerage execution and custody provided by Apex Clearing Corporation.

The investment account is not FDIC-insured and can lose value. Ramp's announcement did not say whether those providers would change. According to the source, the proposed trust bank would add a federally chartered role in investment management and digital asset custody rather than take over deposit-taking itself.

A charter path facing a legal challenge

The OCC's pending digital-asset applications list includes Rain National Trust Bank, Payward National Trust Company and zerohash national trust bank.

The route is being challenged in court. The Independent Community Bankers of America sued the OCC on Oct. 2. Its complaint argues that non-deposit-taking national trust banks must be limited to fiduciary services and related activities. It asks the court to block approvals that rely on the OCC's challenged chartering rule and a 2021 interpretive letter.

The OCC's March rule takes the opposite position, saying national trust banks have long been permitted to perform non-fiduciary activities, including custody and safekeeping. The lawsuit challenges that framework, not Ramp's individual application.

What is confirmed

Ramp applied to the OCC on Oct. 16 for a national trust bank charter, and announced the filing on Oct. 19. Ramp named the proposed entity Ramp National Trust Bank and said it would not take deposits or make commercial loans. Ramp said its customer balances across checking and investment accounts exceeded $5 billion as of Oct. 19. The Independent Community Bankers of America sued the OCC on Oct. 2 over the chartering framework.

What is still unclear

The proposal requires OCC approval, which has not been granted. Ramp did not say whether its current banking and investment providers would change. The outcome of the ICBA lawsuit is not known from the supplied material, and it is not clear how that case could affect Ramp's application.

What happens next

Ramp's request must go through OCC review and the public-comment process. The OCC says comments on applications are generally due within 30 days of publication of a public notice.

Sources

• The Defiant

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