| OCC Rubber Stamps Crypto
Banks Sans CRA As Solowin Brags
Can Buy a US Bank Charter
by
Matthew Russell Lee, Patreon Book
Substack
SDNY/CHINATOWN,
Dec 12 – The dubious nature of
cross-border banking and
crypto regulation is
highlighted by Hong Kong-based
Solowin Holdings bragging it
is near buying a US bank
charter - with nothing in it.
See below.
Fair
Finance Watch has filed
detailed comments with the OCC
including about the lack of
Community Reinvestment Act and
other safeguards (this the day
after it live tweeted the
sentencing of Terra Labs /
LUNA's Do Kwon) but on
December 12 Comptroller Gould
bragged
We'll have
more on this. On September 8,
the Office of the Comptroller
cryptically announced via
Bulletin that "whether a bank
has engaged in politicized or
unlawful debanking is a factor
the OCC may consider, on a
case by case basis, in
determining the bank’s CRA
rating." So will the banks
that turned away - or bad
mouthed - crypto firms now be
downgraded under CRA?
On Solowin, chair
Peter Lok said "this
clean-charter opportunity
would provide us with the
ultimate strategic flexibility
to innovate, scale our
fiat-based services." That it,
directly into FDIC-insured
banking with little review, by
buying an empty shell. This
should and will be questioned.
***
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