Tag Archives: Samantha J. Ostrom

Digital Currency Developments: Acting Comptroller Orders Review of Recent Decisions and FDIC Issues Information Request

by Arthur S. Long and Samantha J. Ostrom

This week, there were important virtual currency developments at two of the principal federal banking agencies, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).  Both of these developments occurred as the markets for digital currencies showed substantial volatility.  First, in testimony before Congress on Wednesday, Acting Comptroller of the Currency Michael Hsu expressed concerns about the OCC’s recent actions for digital currency companies and stated that he had “asked staff to review these actions.”[1]  Second, the FDIC published a request for information (RFI) about digital assets and the banking system.[2]  Comments on the RFI are due by July 16, 2021. Continue reading →

Throwing Down the Gauntlet on Politics and Banking: Office of the Comptroller of the Currency Proposes “Fair Access” Rule

by Arthur S. Long and Samantha J. Ostrom

On November 20, 2020, the Office of the Comptroller of the Currency (“OCC”) proposed a rule to require large national banks and federal savings associations to offer and provide “fair access” to financial services (Fair Access Proposal).[1] The Fair Access Proposal can be seen as a potential preemptive strike against regulatory encouragement of moves to “debank” certain bank customers, such as the fossil fuel industry and agribusiness.  This post contains a summary of the Fair Access Proposal, the OCC’s justifications for it, and the OCC’s asserted legal authority for promulgating it.  The deadline for comments on the Fair Access Proposal is January 4, 2021 – suggesting that the OCC may be seeking to finalize it before a new Comptroller of the Currency is appointed and confirmed. Continue reading →