The Office of the Comptroller of La Moneda has said that they will no longer have to answer how controversial clients could damage their reputation, a point that had been criticized by cryptographic companies and experts arguing that it contributed to being discouraged.
The OCC is eliminating that factor in its supervision manual, the agency said in a statement on Thursday.
“The Western exam process has always been based on guaranteeing appropriate risk management processes for banking activities, not issuing a judgment on how a particular activity can go with public opinion,” said the interim control of the Rodney Hood currency.
The president of the Federal Reserve, Jerome Powell, had made a similar commitment at an audience of the Congress last month that the Fed would reduce that category of scrutiny of its internal supervision manuals.
The Occ has been making movements to relieve the compliance route of banks dedicated to cryptographic business. He recently erased a previous guide that had asked banks to obtain prior written approval from the agency if they wanted to handle the commercial lines of digital assets.
The bank regulator can soon have its permanent boss, with President Donald Trump’s candidate Jonathan Gould, facing a Senate confirmation hearing next week. The head of the West tends to act more quickly and decisively than other financial regulators, because the person operates as the only authority without a commission or board to request approval.
