The U.S. Senate Committee on Banking, Housing and Urban Affairs published a statement from Ranking Member Senator Elizabeth Warren responding to the Office of the Comptroller of the Currency approving a new bank, Erebor. Warren criticized the approval as a politically connected, fast-tracked authorization that she argued could increase risk in the banking system. In the statement, Warren said President Trump’s “billionaire buddies” Peter Thiel and Palmer Luckey received OCC approval to launch a bank that would “cater to the financial whims of Silicon Valley billionaires.” She argued that credit should flow based on productive use rather than political connections, and warned the approval could contribute to a future taxpayer-funded bailout and destabilize the banking system.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-10-15
U.S. Senate Committee on Banking, Housing and Urban Affairs releases statement criticizing OCC approval of new bank Erebor
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a statement from Senator Elizabeth Warren criticizing the Office of the Comptroller of the Currency's approval of Erebor bank. Warren argued the approval was politically motivated, favoring associates of President Trump, and warned it could increase systemic risk and lead to taxpayer-funded bailouts.