Core Insights - The US Office of the Comptroller of the Currency (OCC) has granted preliminary, conditional approval for Erebor Bank's national charter, marking a significant step for a tech- and crypto-focused lender backed by notable investors [1][2] - Erebor Bank plans to operate digitally from Columbus and New York with a capital backing of $275 million, emphasizing a conservative risk framework [1][3] Regulatory Approval - The OCC's approval allows Erebor to raise deposits, hire staff, and build infrastructure while undergoing regulatory vetting [3] - Erebor must complete cybersecurity, capital, and anti-money-laundering audits before commencing operations [3] - The bank's charter will enable lending, custody, and payments using digital-asset rails once fully licensed [3][4] Operational Plans - Erebor will primarily operate through mobile and web platforms, with headquarters in Ohio and a secondary office in New York [3] - The bank's backers include Founders Fund, 8VC, and Haun Ventures, all of which are active in the crypto and fintech sectors [3] Compliance and Oversight - Erebor must also secure approval from the Federal Deposit Insurance Corporation (FDIC), a process that typically takes nine to ten months [4] - Analysts suggest that the dual oversight from OCC and FDIC could establish a new compliance standard for digital-asset banking [4] Founding Network - Erebor's founding team is closely linked to influential figures in Silicon Valley and politics, including co-founders Palmer Luckey and Joe Lonsdale, who have connections to Republican campaigns [5]