The US National Bank has been told by the office of the Secretary of Money that controversial clients no longer have to answer ways to undermine their reputation.
The OCC is removing the factors from the supervisory handbook, the agency said in a statement Thursday.
“The OCC’s testing process is always rooted in ensuring an appropriate risk management process for banking activities, rather than making a judgment on how certain activities will be freighted by public opinion,” said acting chief at Currency Rodney Hood.
Federal Reserve Chairman Jerome Powell made similar commitments at a Congressional hearing last month.
OCC has been moving to facilitate compliance passes for banks engaged in the crypto business. Recently, we erased previous guidance that banks had asked for written pre-approval from agents if they wanted to handle a business line of digital assets.
Bank regulators can quickly have a permanent chief that President Donald Trump candidate Jonathan Gould faces a Senate confirmation hearing next week. Heads of OCCs tend to act more quickly and decisively than other financial regulators. This is because it operates as its sole authority without a committee or board seeking approval.
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