| OCC Deletes
Nubank Application for Bank
Charter So FOIA Request on as
Paxos & Others
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH BRONX/SDNY,
Oct 6 – With the US Congress
passing the cryptocurrency
GENIUS Act, Ripple Labs as
well as Circle and others,
have applied for banking
charters to the Office of the
Comptroller of the
Currency. Now
Brazil's Nubank said it has
applied - but it is listed as
deleted. Inner City Press has
FOIAed:
"Nubank
has said publicly it has
applied to the OCC. But on the
OCC website site today, there
are three applications listed,
one listed as "DELETED" but
all three with comment periods
expiring October 30 (hence the
request for expedited
treatment, which the FRB among
others routinely grants - is
the OCC such an outlier, and
if so, why?) We ask that the
application(s) be emailed to
us today
I suggest
that all three applications,
and those like them, be placed
in the OCC's FOIA reading room
- and list of Digital Assets
Licensing Applications where
it is not list listed, with
the most recent being Paxos in
August. Inner City
Press also wants the announced
applications of Stripe and
Coinbase..."
On July 18,
Fair Finance Watch filed
timely opposition to Ripple's
application:
On behalf of Fair
Finance Watch, this is a
timely comment in opposition
to the application to charter
the proposed Ripple National
Trust Bank.
This cookie-cutter
application, for which
inappropriate requests for
confidential treatment have
been made, explains virtually
nothing about what New York
City-based RNTB would do.
The
application states that it
would be exempt from the
Community Reinvestment Act -
FFW disagrees - and does not
make any of the required
showing of meeting convenience
and needs of community, or
being of any public
benefit. Perhaps
some such information is in
the improperly withheld
portions of the application.
Inner City Press earlier this
week submitted two FOIA
requests, neither of which has
been responded to in any way.
(The requests also concern
Circle's proposed bank -
tellingly, Ripple uses the
same Paul Hastings parters as
Circle, and the applications
are nearly identical, creating
problems both of credibility
and, for the record, of
antitrust). The comment period
should be extended.
For now, as
to Ripple under the statutory
factors that must be
considered including
managerial resources,
consider: "Ripple’s CEO
distances firm from federal
investigations into Linqto’s
shares scandal," and "Is
Ripple at Risk?"
In terms of lack of
transparency, consider for the
record: "Is Ripple Selling XRP
Behind the Scenes? On-Chain
Clues Emerge."
FFW
will have more to say when it
receives responses to its and
Inner City Press' FOIA
requests. On the current
record, the application(s)
could not legitimately be
approved.
***
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