On October 15, the OCC announced it had granted conditional approval for an application to charter a new bank, making it the first de novo bank application to receive preliminary conditional approval under Comptroller Gould. The bank plans to target “technology companies and ultra-high-net-worth individuals” who use virtual currencies; the OCC permitted the bank to hold non-asset backed virtual currencies on its balance sheet to pay transaction fees, finding such activity permissible as “incidental” to the business of banking.

Preliminary conditional approval will be subject to the bank providing notice before it makes any significant changes, mandating a minimum 12 percent tier one leverage ratio, and receiving a no objection letter from the OCC regarding future appointments — all for the first three years. Additional preopening requirements include engaging an independent external auditor for a GAAP-compliant audit, preparing financial statements on an accrual basis, ensuring the president serves on the board of directors, and submitting biographical and financial information for any person purchasing more than 10 percent of the initial stock offering. The OCC stated the organizers were expected to have the bank open as soon as possible.