OCC Says It’s ‘Open for Business’ as Crypto Firms Line Up for Bank Charters

Bitcoin Magazine

OCC Says It’s ‘Open for Business’ as Crypto Firms Line Up for Bank Charters

The Office of the Comptroller of the Currency says it will keep pushing to revive de novo bank chartering, a campaign that has already opened a federal on-ramp for some of the largest companies in crypto.

In a statement Tuesday, the regulator said reinvigorating new bank formation remains a priority and commended the Federal Deposit Insurance Corporation for its own recent efforts on the issue.

“De novo chartering is a sign of a healthy banking system,” said Comptroller of the Currency Jonathan V. Gould, adding that the FDIC’s new process for reviewing deposit insurance applications aligns with the OCC’s work to reverse the decline in new charters.

Over the past 15 years, de novo chartering fell significantly, the OCC said. From 2011 through 2014, the OCC received an average of fewer than four charter applications per year, and in some years it received none at all.

… Continue reading the full article at the original source below.