Government Relations Policy Updates

Committee Leaders Request that Agencies Repudiate Operation Choke Point

Posted August 14, 2017

On Aug. 10, 2017, House Financial Services Committee Chairman Jeb Hensarling (R-TX), House Judiciary Chairman Bob Goodlatte (R-Va.), Regulatory Reform, Commercial and Antitrust Law Subcommittee Chairman Tom Marino (R-Pa.), Financial Institutions and Consumer Credit Subcommittee Chairman Blaine Luetkemeyer (R-Mo.), and Courts, Intellectual Property & the Internet Subcommittee Chairman Darrell Issa (R-Ca.) issued a letter to Attorney General Jeff Sessions, Federal Reserve Board Chair Janet Yellen, and Acting Comptroller Keith Noreika, asking that the Department of Justice, Federal Reserve Board and the Comptroller of the Currency officially issue statements repudiating Operation Choke Point. 

OCC Solicits Public Comments on Revising the Volcker Rule

Posted August 3, 2017

On Aug. 2, 2017, the Office of the Comptroller of the Currency (OCC) published a notice that solicits public input on whether certain aspects of the implementing the Volker Rule regulation should be revised to in order to decrease the compliance burden on banking entities and fostering economic growth.

Varo Money Announces Application for Federal Bank Charter

Posted July 26, 2017

On July 25, 2017, Varo Money, Inc., a two-year-old mobile banking startup announced it has applied to the Office of the Comptroller of the Currency (OCC) for a national bank charter and to the Federal Deposit Insurance Corporation (FDIC) for federal deposit insurance, with the intention of forming Varo Bank, N.A. – and becoming America’s first mobile-only national bank.