U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member Elizabeth Warren sent letters to the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and Erebor Bank founder Palmer Luckey seeking documents and explanations for the rapid approval of Erebor Bank’s national bank charter and deposit insurance applications after an investor memo reportedly suggested the approvals would be secured through political connections. Warren warned that if her inquiry shows the charter was not granted in accordance with law and regulation and instead reflected a corrupt political favor, it “would have to be terminated.” The letters note that Erebor Group, Inc. submitted its national bank charter application to the OCC on June 11, 2025, and that the bank’s investors include Palmer Luckey, Joe Lonsdale, and Peter Thiel, described as major donors with close ties to the Trump administration. Warren highlighted that complex, high-risk applications typically face lengthy review and uncertain odds, but that a fundraising memo circulated soon after filing reportedly predicted approval by the end of 2025 and claimed Luckey’s “political network will get this done,” including “unique connectivity to banking regulators,” naming Comptroller Jonathan Gould. Warren requested documents including Erebor’s full unredacted charter application and responses on correspondence related to the application by March 12, 2026.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-02-26
U.S. Senate Committee on Banking, Housing and Urban Affairs presses OCC and FDIC for records on Erebor Bank charter approval amid alleged political influence
Senate Banking Committee Ranking Member Elizabeth Warren has requested documents from the Office of the Comptroller of the Currency, the FDIC, and Erebor Bank founder Palmer Luckey about the rapid approval of Erebor Bank’s national charter and deposit insurance. Concerns exist about political influence, with Warren warning that if granted as a political favor, the charter may need termination. Warren's inquiry follows reports that Erebor's investors, including Trump administration donors, expected expedited approval through political connections.