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Sept 24, 2013

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Google, Asked at UN About Censorship, Moved to Censor the Questioner, Sources Say, Blaming UN - Update - Editorial

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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. β€œIn 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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