Permanent link to this post: the House Oversight and Government Reform Committee wants to investigate the FDIC's debanking practices under the previous administration.
Chairman Comey released the agency's uncut records to investigate these cases.
Custodia Bank CEO Caitlin Long says President Trump has done nothing to address the problem of debanking.
The House Committee on Oversight and Government Reform is investigating the actions of the Federal Deposit Insurance Corporation (FDIC) under the previous administration.
The focus of this investigation is whether financial institutions were forced to shun #digital assets.
The focus of this investigation is whether financial institutions were forced to shun digital assets, which could stifle innovation and limit access to banking services for people and businesses.
The new acting FDIC chairman, Travis Hill, said that under President Biden, the agency was concerned about banks' attempts to offer #cryptocurrency services. He expressed concern about the antagonism. One possible reason was reports that some companies and individuals were allegedly forced into bankruptcy because of their alleged involvement in #cryptocurrencies , and he warned of perceived overreach by the regulator.
In early February, the FDIC released a redacted version of a document about its interactions with banks that had been released to the public. Sixty-four documents reveal correspondence with 24 banks that received suspension letters, while 111 documents show records of correspondence with the FDIC and cryptocurrency-related activities of other regulated institutions.
However, House Oversight and Government Reform Committee Chairman James Comer argues that full disclosure of the documents is necessary to better understand the situation. He has already requested access to uncensored FDIC documents to understand why the FDIC ordered banks to refrain from cryptocurrency projects.
He also asked them to share their experiences with the FDIC.
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