Regulations & Policy
Lawmakers Unveil Anti-Corruption Bill in Response to World Liberty Trust Approval
Nine Senate Democrats and one independent senator have introduced the Ending Presidential Corruption in Banking Act, aiming to bar presidents, vice presidents, and senior officials from owning or controlling banks. The bill follows the OCC's conditional approval of World Liberty Trust Co., a national trust bank partially owned by the Trump family, and would require review of certain banking applications granted after Jan. 20, 2025.
Lawmakers and Trade Groups Back Custodia in Supreme Court Master Account Fight
A sitting U.S. senator, a former senator, and two digital-asset organizations petitioned the Supreme Court this week to resolve a long-running dispute over Wyoming lender Custodia’s lack of access to a Federal Reserve master account. The amicus briefs argue the Fed's denial was unlawful and discriminatory, while the Fed has until Sept. 11 to respond.
FDIC Overhauls De Novo Deposit Insurance Application With Two-Phase Review
The Federal Deposit Insurance Corp. announced a two-phase deposit insurance application process, effective for applications received after Saturday. Organizers meeting certain requirements can expect conditional approval within 120 days, followed by full approval within the next year after submitting additional information. The move aims to streamline de novo bank formation, aligning with the 21st Century ROAD to Housing Act and prior OCC practices.