Congress, Not the OCC, Decides What is and Isn't a Bank
The Office of the Comptroller of the Currency continues to overstep its reach by calling anything that touches money a bank. And in the process, preempt local authority that protects consumers and the entire financial system.
This pattern of the OCC’s flouting congressional limits on its authority must stop. This is a federal banking regulator that should be reminded — again — that only Congress can define a bank.
Congress defines a bank as an institution that takes deposits. A bank can also make loans or process payments, but the deposits function is not optional.
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Sep 1, 2020
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