Interpretations and Actions: March 2025

Vol. 38, No.3

Conditional Approval Letters

Letter No.	Topic
1333	Application filed by CenTrust Bank, National Association, Northbrook, Illinois, to effect a substantial change in assets (Control Nos.2023-5.53-334213, 2024-Waiver-337608, 2/18/2025)
1334	Application filed by Ponce Bank, Bronx, New York, to convert to a national bank (Control No. 2024-Conversion-338674, 2/19/2025)

Interpretive Letters

Letter No.	Topic
1183	Letter reaffirms that crypto-asset custody, holding deposits that serve as reserves backing stablecoins, and the use of distributed ledger technology and stablecoins to facilitate permissible payments activities are permissible for national banks and federal savings associations. It also rescinds Interpretive letter 1179, which outlined a supervisory non-objection process for the activities addressed in Interpretive Letters 1170, 1172 and 1174. Interpretive Letters 1170, 1172 and 1174 remain in effect. (3/7/2025)

Letter No.

Topic

1183

Letter reaffirms that crypto-asset custody, holding deposits that serve as reserves backing stablecoins, and the use of distributed ledger technology and stablecoins to facilitate permissible payments activities are permissible for national banks and federal savings associations. It also rescinds Interpretive letter 1179, which outlined a supervisory non-objection process for the activities addressed in Interpretive Letters 1170, 1172 and 1174. Interpretive Letters 1170, 1172 and 1174 remain in effect. (3/7/2025)

Supervisory Condition Letters

Letter No.	Topic
2025-03	OCC Letter to Banco Santander, S.A. Request to Exclude Liabilities from Repurchase Agreements from the Capital Equivalency Deposit Calculation of Banco Santander, S.A., New York Branch

Interpretations and Actions: March 2025

Vol. 38, No.3

Conditional Approval Letters

Interpretive Letters

Supervisory Condition Letters

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