Rain Applies to Establish Rain National Trust Bank, ICBA Sues OCC

Stablecoin payment infrastructure provider Rain has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank in New York. If approved, the bank will provide digital asset and USD custodial services for institutional clients, as well as stablecoin reserve management services. Rain stated that Rain National Trust Bank could also issue and redeem USD-backed stablecoins under the GENIUS Act. Former Square Financial Services CFO Brandon Soto will serve as the proposed bank's president and CEO, pending OCC review. The Independent Community Bankers of America (ICBA) filed a lawsuit against the OCC on Friday, accusing it of allowing non-depository trust banks to engage in extensive non-trust activities beyond its regulatory authority. ICBA seeks to overturn the OCC's chartering rules issued in March 2026 and the 2021 interpretive letter 1176, and to prevent the approval of more licenses based on these documents. The Crypto Council for Innovation stated that the lawsuit aims to limit innovation. The ICBA lawsuit claims that the OCC has approved or conditionally approved at least 21 trust banks, of which at least 13 are cryptocurrency companies.

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