United Texas Bank Completes OCC Charter Conversion, Gains Direct Fed Access for $10 Billion Monthly Crypto Clearing
United Texas Bank said it completed its conversion to a national bank charter overseen by the Office of the Comptroller of the Currency, a move that gives the crypto-friendly lender direct Federal Reserve access as it clears about $10 billion a month for crypto firms, according to its CEO.
The shift transfers federal oversight from the Federal Reserve to the OCC, though a consent order against the bank remains in place and will be carried over for the OCC to decide later whether to terminate. The Dallas-based lender has said the change will help it expand services for digital-asset firms and foreign banks, and it described the conversion as the first completion of that OCC process since Dodd-Frank in 2010.
From the sources (3 posts)
@dallasexpressUNITED TEXAS BANK ACHIEVES HISTORIC NATIONAL CHARTER CONVERSION Chairman and CEO Scott Beck led the Dallas-based institution to become the first bank to successfully complete this OCC process since Dodd-Frank in 2010, while launching propr
@yueqi_yangUnited Texas Bank, a crypto-friendly bank, says it successfully switched its regulator through a charter conversion, despite being under a consent order. That means the Federal Reserve will no longer supervise it, and its enforcement orde
@coinmarketcapLATEST: 🏦 United Texas Bank has completed its conversion to a national OCC-chartered bank, giving it direct Fed access while it clears about $10B a month for crypto firms, its CEO told CoinDesk.