On March 18, the OCC’s acting comptroller, Rodney Hood, reportedly spoke at a retail banking conference on several pertinent banking issues. Hood emphasized the OCC will not tolerate debanking of lawful businesses, including cryptoasset firms, and stressed the importance of fair access to financial services. He criticized debanking entire categories of customers without assessing individual risks and highlighted recent policies under the Trump administration to promote crypto adoption. These changes included ending a supervisory review requirement for cryptoasset activities and removing guidance on cryptoasset-related risks, reflecting a more cryptoasset-friendly stance by the OCC.
Hood linked debanking to broader efforts to reduce regulatory burdens for banks and foster collaborations with fintech companies. He announced the launch of a fintech regulatory sandbox to encourage innovation and experimentation in the industry. Additionally, Hood noted congressional interest in anti-debanking measures, including potential federal legislation to reinstate a fair access rule, which would limit banks’ discretion in denying services.
