OCC creates senior role for bank chartering

Key Insight: OCC promotes chartering and licensing department to senior deputy level, with new personnel overseeing licensing decisions and coordinating legal and supervisory teams.

Supporting Data: The agency faces a surge in national trust charter applications, particularly from crypto and fintech firms such as Paxos, Circle, Ripple and Wise.

Expert Quote: "It further affirms the OCC's support for the formation of de novo banks, signals its openness to considering business combinations that foster competition and better support consumers and communities, and recognizes our new remit to license payment stablecoin issuers," said Comptroller Jonathan Gould.

The Office of the Comptroller of the Currency Tuesday made changes to its chartering and licensing department, creating a new Senior Deputy Comptroller for Chartering, Organization and Structure role at a time when nonbank charter applications to the agency are surging. 

The OCC says Stephen Lybarger, a longtime agency veteran who began as a community bank examiner in 1984, has been tapped as the agency's new chartering deputy comptroller, and will now oversee licensing decisions across OCC and coordinate with legal and supervisory teams, according to an agency release. 

"Elevating the OCC's chartering and licensing activities to be managed by a Senior Deputy Comptroller reflects the strategic value of these functions to our agency and the federal banking system," said Comptroller of the Currency Jonathan V. Gould. "It further affirms the OCC's support for the formation of de novo banks, signals its openness to considering business combinations that foster competition and better support consumers and communities, and recognizes our new remit to license payment stablecoin issuers."

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The agency also announced that Will Giles will serve as Principal Deputy Chief Counsel as the agency reshapes its regulatory approach under Comptroller Jonathan Gould, who took office in July. Giles had served as Of Counsel at Cravath, Swaine & Moore LLP and special counsel at the Federal Reserve Board.

Giles, now the Law Department's chief operating officer, will manage all office operations and support the Chief Counsel on legal issues related to supervision, enforcement, litigation and licensing. 

"Will's experience in the public and private sectors brings a fresh perspective to the OCC of the statutory and regulatory authorities with which federally regulated banks must comply," Gould said in a statement. "The OCC now has the right legal leadership in place to ensure that our agency activities are firmly rooted in statute and underpin our work to ensure a safe and sound banking system that effectively serves the nation's economy."

The agency has taken a number of steps to adjust its regulatory approach under the Trump administration. On Monday the agency said it will now factor "politicized or unlawful debanking" into bank licensing and Community Reinvestment Act reviews, meaning banks that cut off services to conservatives could face CRA downgrades, complicating OCC license approvals. The agency sent another bulletin to banks Monday warning that disclosure of customer data, even at the request of federal law enforcement, could be considered a violation of the Right to Privacy Act.  

The changes also come as the agency faces a surge in national trust charter applications, particularly from crypto and fintech firms. Companies like Paxos, Circle, Ripple, and Wise are seeking federal oversight to expand beyond traditional custodial services, which have stoked concerns from banks about competitive advantages, consumer protections and the scope of trust charters.