VitalLaw, November 13, 2025, FINANCIAL TECHNOLOGY—BPI and NCRC urge OCC to reject Sony Bank’s Connectia Trust charter application
Industry groups assert Connectia Trust’s stablecoin and digital-asset proposal lacks fiduciary grounding, raises commercial affiliation concerns, and could disadvantage banks.
The Bank Policy Institute (BPI) and the National Community Reinvestment Coalition (NCRC) submitted comment letters urging the Office of the Comptroller of the Currency (OCC) to deny Sony Bank Incorporated’s application to charter Connectia Trust, National Association. Both organizations stated that the proposal would establish a national trust bank engaged in stablecoin issuance, digital-asset custody, and related activities without demonstrating that these operations fit within the fiduciary framework required under 12 U.S.C. § 27(a). They also said the application relies on digital-asset structures that have not been fully defined in law or regulation, raises questions about the relationship between a federally chartered trust bank and affiliated commercial entities, and could result in competitive disparities for traditional banks. Their filings add to earlier objections raised by Independent Community Bankers of America (Banking and Finance Law Daily, Nov. 7, 2025).
