The ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, Sen. Elizabeth Warren, urged the Office of the Comptroller of the Currency to revoke its approval for United Texas Bank to convert from a Texas state-chartered bank to a national bank. In a letter to Federal Reserve Vice Chair for Supervision Michelle Bowman and Comptroller of the Currency Jonathan Gould, Warren argued that the conversion weakens safeguards against regulatory arbitrage and could encourage other banks to change charters to obtain less stringent oversight. United Texas Bank had been supervised by the Federal Reserve Board and the Texas Department of Banking and was subject to a cease-and-desist order over deficiencies in its anti-money laundering and terrorist financing controls. Warren questioned the OCC’s approval and the Federal Reserve’s failure to object, and requested written responses from Bowman and Gould to support the committee ranking member’s oversight of the decision.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-08-07
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member urges OCC to revoke United Texas Bank charter conversion
Senate Banking Committee ranking member Elizabeth Warren urged the OCC to revoke United Texas Bank’s conversion from a Texas state charter to a national bank charter. She argued that approving the conversion while the bank was under a cease-and-desist order for anti-money laundering and terrorist financing control deficiencies undermines protections against regulatory arbitrage.