Block Inc., the Oakland-based technology company behind Square and Cash App, has applied to the Office of the Comptroller of the Currency for a national trust bank charter under the proposed name Builders Bank & Trust, N.A.
The application, submitted Sept. 8, 2026, seeks to establish an uninsured national trust bank that would operate under federal regulation and OCC supervision. The proposed institution would not accept deposits or make loans. Instead, it would provide custody and fiduciary services for bitcoin and stablecoins — services Block currently offers through its existing operating framework.
Lee Woolley, Block’s digital asset strategy lead, has been named to serve as president and CEO of Builders Bank should the charter be approved. Woolley previously led the Treasury Department Federal Credit Union as president and CEO, and held roles at Northern Trust and BNY Mellon.
In its filing, Block said the charter would establish a consistent federal supervisory framework for certain custody activities it already conducts, allowing the company to support these services as operations scale.
The application remains subject to OCC review and approval. Builders Bank would not commence operations until all required regulatory approvals are obtained.
