Rain, a provider of stablecoin payment infrastructure, has applied to the OCC of the United States to establish Rain National Trust Bank in New York, intending to provide digital asset custody and stablecoin reserve management services. Brandon Soto, former CFO of Square Financial Services, will serve as the President and CEO of the proposed bank. The Independent Community Bankers Association (ICBA) has sued OCC, accusing it of allowing non deposit trust banks to conduct extensive non trustee business and requesting the court to overturn OCC's charter rules and explanatory letter 1176. The ICBA lawsuit claims that OCC has approved or conditionally approved at least 21 trust banks, including at least 13 cryptocurrency companies.
