From TokenPost · · 50s
OCC Approves Bridge's Federal Trust Bank Bid
Bridge gets OCC approval for federal trust bank charter but still needs $45m capital and preopening checks.
In brief
Bridge gets OCC approval for federal trust bank charter but still needs $45m capital and preopening checks. Bridge's federal trust bank charter bid advanced by OCC approval with $45m capital requirement and preopening checks pending. Originally reported by TokenPost.
OCC Approval
The Office of the Comptroller of the Currency approved Bridge's bid for a federal trust bank, moving it closer to a federal charter while leaving capital and preopening requirements outstanding.
Capital and Preopening Requirements
The order sets a $45 million minimum capital requirement and requires Bridge to clear preopening checks before the bank can open.
Separate Issuer Approval Needed
Bridge would still need issuer approval under the GENIUS Act; OCC approval for a trust bank does not provide that authorization.
The one thing
Bridge's federal trust bank charter bid advanced by OCC approval with $45m capital requirement and preopening checks pending.
