| As
Crypto Paxos Gets Federal Bank Charter
From Still Headless OCC, CRA Litmus Tests
By Matthew R. Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
SOUTH BRONX,
SDNY, April 26 – In the midst
of the Coronavirus pandemic
and after the insurrection,
then-Comptroller of the
Currency Brian Brooks on
January 13 gave another quid
pro quo gift, a bank charter
to Anchorage, even as he quit
with a week left in the
Administration. Inner City
Press asked, Where might he
land and get rewarded for all
this?
Then in
March we learned: Brooks "has
joined blockchain credit
startup Spring Labs as its
first independent director,
the Marina Del Rey,
California-based fintech
bragged." Revolving /
revolting door.
Now in
April at the still headless
OCC, another rubber stamp:
"The OCC granted a national
trust bank charter to Paxos
after [a] thorough review of
the company and its current
operations,” the OCC announced
in a press release on April
23. “In granting this charter,
the OCC applied the same
rigorous review and standards
applied to all charter
applications." Yeah, rigorous.
Where is the renewed
enforcement of the CRA? So
far, the litmus tests are
being failed.
Paxos was founded
in 2012 in New York City, but
the company also has offices
in Singapore and London as
well. At the end of December
2020, Paxos had raised roughly
$240 million in financing. The
OCC now hands Paxos the
authority to exercise
fiduciary powers under 12 USC
92a and 12 CFR 5.26. We'll
have more on this.
Meanwhile
Inner City Press' requests
under the Freedom of
Information Act into Brooks'
conflicts of interest in the
fintech and crypto-currency
world have yet to be fully
answered. Did
Brooks take "his" documents
with him?
Fair Finance
Watch and others opposed and
requested extensions on
Figure, for which OCC has yet
to answer Inner City Press'
FOIA request, here
***
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