On October 16, 2026, Ramp filed an application with the Office of the Comptroller of the Currency to create Ramp National Trust Bank, a non-depository institution dedicated to digital asset custody and fiduciary investment management. The New York-based spend management platform announced the filing three days later and positioned the charter as a step toward a consistent federal regulatory framework.
Ramp Trust Bank Charter Details and Scope
The proposed entity would limit its activities to custody and fiduciary services. It would not accept deposits or extend commercial loans, which removes the need for FDIC insurance. Ramp currently routes customer funds through partner banks such as First Internet Bank of Indiana and holds more than $5 billion in balances managed by third parties.
Public statements from the company emphasize support for product development with existing banking partners. The charter would allow Ramp to bring digital asset custody in-house while remaining under direct federal supervision. No specific assets, capital requirements, or service launch dates have been disclosed in the filing.
Ramp reports an annualized revenue run rate near $2 billion and serves more than 85,000 business teams. Its valuation reached $60 billion after a $1.85 billion funding round led by Dragoneer Investment Group. These metrics indicate the scale of operations that could shift to the new trust bank once approved.
Regulatory Context and Industry Trends
The application arrives amid a broader increase in OCC national trust bank charters. Since the start of the current presidential term the agency has approved or conditionally approved 21 such charters, with at least 13 tied to digital asset activities. Recent examples include filings by Rain and Zerohash in early October 2026.
National trust bank charters permit fiduciary and custody operations without full depository bank obligations. This structure has enabled fintech and crypto firms to offer regulated custody services while remaining outside traditional deposit-taking requirements. Firms such as Circle, Ripple, Paxos, and BitGo have obtained similar charters in prior cycles.
A lawsuit filed on October 2, 2026, by the Independent Community Bankers of America challenges the OCC’s March 2026 final rule and Interpretive Letter 1176. The suit argues that the agency exceeded authority under the National Bank Act by chartering non-depository trust banks. The outcome could affect pending applications, including Ramp’s.
Implications for Corporate Treasury Operations
Businesses using Ramp for spend management could gain access to integrated digital asset custody once the charter is granted. This would place those services under a single federal regulator rather than a patchwork of state and third-party arrangements. Comparable platforms have used trust bank status to expand stablecoin and tokenized asset offerings to institutional clients.
The filing reflects ongoing consolidation of custody capabilities among large fintechs. Companies with similar charters have reported faster product iteration and clearer compliance pathways when working with banking partners. Ramp’s application remains under review, with no public timeline for a decision.
Frequently asked questions
What activities would Ramp National Trust Bank perform?
The proposed bank would provide digital asset custody and fiduciary investment management. It would operate as a non-depository institution and would not accept deposits or issue commercial loans.
How does the OCC trust bank charter differ from a full bank charter?
A national trust bank charter limits activities to fiduciary and custody services under federal oversight. It does not require FDIC insurance or permit deposit taking, which reduces certain capital and regulatory burdens compared with full depository charters.
What is the status of the Ramp application?
The application was filed on October 16, 2026, and remains pending. No public information has been released on capital levels, specific assets, or expected review timeline.
How might the ICBA lawsuit affect Ramp’s plans?
The lawsuit challenges the OCC’s authority to charter non-depository trust banks. A ruling in favor of the plaintiffs could delay or block approval of pending applications, including Ramp’s.
By YasTech Editorial
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