According to CoinMeta, stablecoin payment infrastructure provider rain has applied to the US Federal Reserve (FRB) OCC to establish a bank in New York that will offer services such as rain, national, trust, and bank. The former chief financial officer of Square Financial Services, Brandon Soto, is set to serve as the president and CEO of the proposed bank. Meanwhile, the Independent Community Bankers of America ICBA has filed a lawsuit against OCC, accusing it of allowing non-deposit trust banks to engage in a wide range of non-trusted activities, and requesting the court to overturn the regulatory rules and interpretive letter 1176 issued by OCC. The lawsuit alleges that OCC has approved or conditionally approved at least 21 trust banks, of which at least 13 are cryptocurrency companies.