OCC

Revolut has dropped plans to buy a U.S. lender as a means to get a foothold in the American market and will instead apply for a banking license from the Trump administration, the Financial Times reported. 

World Liberty Financial, the Trump family’s flagship crypto venture, said an affiliated entity has applied for a national banking license, The Wall Street Journal reported.

The U.S. regulator of national banks scaled back some of the compliance obligations it had imposed on Citigroup under a 2020 enforcement action that penalized the lender for inadequate risk controls and data-management practices, the Financial Times reported.

The Office of the Comptroller of the Currency has conditionally approved five national trust bank charters for firms focused on digital assets, in a move that brings more crypto-related activity into the federal banking system but under supervisory constraints.

The Trump administration is moving to give the U.S. Treasury Department’s financial intelligence unit a decisive say over how banks are punished for anti–money-laundering (AML) failures, according to new reporting by The Wall Street Journal. 

Nine of the largest U.S. lenders made “inappropriate distinctions” among customers in politically sensitive sectors, including by applying enhanced risk controls in response to negative media reports, the Office of the Comptroller of the Currency (OCC) said. 

The U.S. Office of the Comptroller of the Currency (OCC) has settled its last remaining enforcement action tied to Wells Fargo’s 2016 fake-accounts scandal without imposing a fine, Banking Dive reported.

UK digital bank Monzo is weighing a fresh attempt to secure a US banking license, four years after abandoning its previous bid when talks with regulators stalled, according to the Financial Times.