U.S. National Banks and the OCC’s New Guidance

The Office of the Comptroller of the Currency (OCC) has informed U.S. national banks that they will no longer need to report how controversial customers could negatively affect their reputations. This decision has been welcomed by crypto companies and insiders who argued that such scrutiny led to debanking.

In a statement released on Thursday, the OCC clarified its approach:

> “The OCC’s examination process has always been rooted in ensuring appropriate risk management processes for bank activities, not casting judgment on how a particular activity may fare with public opinion,” said Acting Comptroller of the Currency, Rodney Hood.

During a congressional hearing last month, Federal Reserve Chair Jerome Powell echoed a similar commitment to remove this type of scrutiny from the Fed’s internal supervision guidelines.

The OCC has been proactive in easing compliance for banks involved in the crypto space, recently eliminating previous guidance that required banks to obtain written pre-approval to manage digital asset business lines.

In related news, President Donald Trump’s nominee for the OCC, Jonathan Gould, is set to face a Senate confirmation hearing next week. The head of the OCC typically has the authority to act more swiftly than other financial regulators, as they do not require approval from a commission or board.