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OCC Chief signals openness to legislators reviewing World Liberty’s bank chartered application.
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Warren is seeking a non-redacted application in order to verify the required shareholder disclosures.
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OCC: Review will follow standard procedures in spite of political scrutiny.
The head of the Office of the Comptroller of the Currency said that he might allow senior lawmakers to review the World Liberty Financial bank charter application, a cryptocurrency venture supported by members of President Donald Trump’s family. The application seeks approval for the establishment of a national trust, a designation which would allow the firm to manage clients’ assets and process payments, but not accept deposits or offer loans.
Jonathan Gould, Comptroller of the Treasury, answered questions from Senator Elizabeth Warren about the pending application. Warren requested a copy of the application that was not redacted, and asked that it be shared with her and Committee Chair Tim Scott in a confidential manner to verify disclosures.
Disclosure Requirements & Lawmaker Concerns
Disclosure Requirements & Lawmaker Concerns
World Liberty Financial submitted their application in January. According to OCC regulations, applicants seeking a national charter bank must disclose all shareholders, which are defined as individuals or companies holding at least 10% direct or indirect interest. These parties must submit biographical and financial information. Failure to do so could result in the rejection of their application.
Warren referred to reports that a United Arab Emirates-based investor holds a significant stake in the crypto venture. During the hearing she asked Gould if such ownership had been disclosed on the application. Gould refused to provide specifics about any pending filing, but said that the agency processes all applications in accordance with established procedures detailed in its public manuals.
Gould responded that he would “entertain”, the request, and consult with the agency staff in order to ensure consistency with previous administrations.
OCC Review Process & Political Scrutiny
OCC Review Process & Political Scrutiny
Several Democratic committee members urged Gould, citing possible conflicts of interest, to reject or delay the application. World Liberty Financial is run by Trump’s associates and sons. The White House denied in the past that the Trump family’s involvement with cryptocurrency ventures is a conflict.
A spokesperson for World Liberty Financial stated that the company has met all regulatory requirements including disclosures. The spokesperson described criticism from Democratic legislators as political.
Gould stated during the hearing that OCC’s licensing is handled by career staff in a “fair, evenhanded way.” He also added that the agency will continue to process the request in accordance with its statutory requirements.
Related:Trump says family handled $500M World Liberty Financial Stake sale
