Historic Federal Approval

The United States has granted its first national bank license during President Donald Trump's second term in office. The Office of the Comptroller of the Currency (OCC) granted a federal charter to Erebor Bank, allowing it to operate nationwide as a federally recognized bank. The regulators have established a new trend by permitting financial institutions to begin operations, particularly those associated with technological and cryptocurrency industries.

Erebor is entering the banking sector with approximately $635 million in capital. The company aims to provide banking services to three target markets which include startups and venture-backed companies and high-net-worth clients. The 2023 Silicon Valley Bank (SVB) collapse resulted in the removal of a vital credit and banking service provider which particularly affected this market segment.

Background and Support

The process needed to receive approval after the OCC conditionally approved the first steps in October 2025 and the Federal Deposit Insurance Corporation (FDIC) granted deposit insurance approval in December 2025. The two achievements which were reached during the national charter process enabled the organization to obtain its complete charter rights.

Erebor stands out because it is backed by well-known Silicon Valley and tech investors. The financial backers include Andreessen Horowitz, Founders Fund, Lux Capital, 8VC, and Elad Gil. Palmer Luckey who co-created Oculus established the project and he will join the bank board as a member but will not direct its daily operations.

Why This Matters

The entrance of a new federally chartered bank during this period is rare. Regulators have generally remained cautious about approving new national banks, particularly those with ties to cryptocurrency and technology sectors. The approval of Erebor shows that the United States might start accepting new bank charter applications again.

Erebor’s business strategy focuses on sectors where traditional lenders often hesitate. These include defense technology, advanced manufacturing, robotics, and artificial intelligence (AI) — fields where specialized equipment, unconventional assets, or non-standard risk profiles make lending challenging. The bank plans to introduce crypto-backed credit products which will enable customers to borrow against their digital asset holdings and access other financial services.

Meeting Startup Banking Needs

Many startups were left without reliable banking options after the SVB collapse, facing difficulties in securing credit or managing cash flow. Erebor aims to fill part of that gap by providing financial services to firms that traditional banks often view as too risky. The company supports business projects which develop new technology for both current fields and emerging markets. 

The company can begin its operations at Erebor Bank because the bank has received all necessary federal approvals which will enable it to provide financial services to underserved markets while establishing a new banking model for technology-oriented banks in the United States.