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WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced preliminary conditional approval of the application to charter Paxos National Trust, New York.

The OCC granted a national trust bank charter to Paxos after thorough review of the company and its current operations. In granting this charter, the OCC applied the same rigorous review and standards applied to all charter applications. The OCC granted preliminary conditional approval to Paxos after thorough review of its application.

The federal banking system includes nearly 1,200 national banks, federal savings associations, and federal branches of foreign banking organizations operating in the United States that range in size from 1,000 smaller community banks under $10 billion in assets focused on meeting local needs to the largest internationally active banks. These banking companies conduct a wide array of businesses that range from retail and wholesale banking activity to trust, credit card and other more narrowly focused services. The institutions that make up the federal banking system conduct approximately 70 percent of the banking activity in the United States, hold more than $14 trillion in assets combined, and manage more than $60 trillion under their custody and fiduciary control.

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