[Rain Applies to Establish U.S. National Trust Bank, Community Bank Organization Sues OCC] Odaily Planet Daily News: Stablecoin payment infrastructure provider Rain has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank in New York. Upon approval, the bank will be able to provide institutional clients with digital asset and USD fiduciary custody services, as well as stablecoin reserve management services. Rain stated that Rain National Trust Bank will also be able to issue and redeem USD-backed stablecoins in accordance with the GENIUS Act. Former Square Financial Services Chief Financial Officer Brandon Soto will serve as the proposed bank's President and CEO, pending OCC review. The Independent Community Bankers of America (ICBA) filed a lawsuit against the OCC on Friday, accusing it of allowing non-depository trust banks to engage in extensive non-fiduciary activities, exceeding its regulatory authority. The ICBA is seeking a court order to overturn the OCC's chartering rules introduced in March 2026 and Interpretive Letter 1176 issued in 2021, as well as to block further licenses based on these documents. The Crypto Council for Innovation stated that the lawsuit aims to stifle innovation. The ICBA's complaint claims that the OCC has approved or conditionally approved at least 21 trust banks, of which at least 13 are cryptocurrency companies. (Cointelegraph)