The OCC preliminarily approved charter applications in September from European digital bank Revolut and blockchain-based bank OpenReserve to establish national banks in the U.S. Neither will have physical branches. More new entrants are coming. Revolut is a $115 billion fintech with a 39-country reach. OpenReserve is backed by Andreessen Horowitz.
The OCC and FDIC adopted a joint final rule in August defining “unsafe or unsound practice” for the first time, requiring that supervisory criticism be tied to material financial harm rather than process concerns. The rule raises the bar for formal intervention, pushing examiners to reserve MRAs and enforcement actions
Summer 2026 brought significant movement on Fed direct access, stablecoin rules, capital relief, CTA rollback, and fintech charter expansion. The common thread is a regulatory environment that is simultaneously opening doors (Fed accounts, trust charters, and capital relief) while raising competitive questions (nonbank Fed access, stablecoin yield, and state fragmentation).
FinCEN issued a final rule permanently narrowing CTA reporting requirements, exempting domestic shell companies from beneficial ownership reporting. The rule adopts March 2025 interim changes and additionally exempts foreign companies from reporting U.S.-based individuals who help them register to do business. Treasury Secretary Bessent called it “a victory for common
The FDIC signed off on deposit insurance for Augustus National Bank, a Dallas-based startup planning to offer deposit, loan, payment, and cryptocurrency products with an “AI-native” core. The bank also plans to issue a stablecoin through a subsidiary. The approval follows the OCC’s conditional charter approval in May. FDIC approval
Senate Republicans released an updated Clarity Act draft merging the banking and agriculture committee versions, adding an ethics provision limiting public officials’ involvement with crypto. However, Democrats said the text “falls short” on ethics, consumer protection, and illicit finance. The yield compromise allowing crypto firms to pay rewards on stablecoins
EagleBank and its parent company agreed to pay $9.7 million under a DOJ nonprosecution agreement, admitting to willfully failing to implement an AML program and allowing its former CEO’s friend to run a check-kiting scheme through the bank for over a decade. Senior executives repeatedly overrode compliance personnel who tried
The Supreme Court ruled 5-4 that President Trump cannot immediately remove Fed Gov. Lisa Cook, concluding he failed to provide adequate notice and opportunity to defend herself before termination. The decision reinforces for-cause removal protections for Fed governors and underscores the importance of procedural due process. Watch this case. The
The OCC issued a proposed rule cross-referencing FinCEN and OFAC’s AML and sanctions compliance standards for stablecoin issuers. The rule would require permitted payment stablecoin issuers to comply with BSA requirements and establish a supervision and enforcement framework. The OCC estimated the proposal would affect 29 issuers. OCC release: https://www.occ.gov/news-issuances/bulletins/2026/bulletin-2026-28.html
The CFPB’s finalized small business lending data collection rule became effective June 30. The rule applies to institutions that originated at least 1,000 covered transactions for small businesses in each of the previous two calendar years. Small business is now defined as $1 million or less in gross annual revenue,
