OCC Chief Open to Sharing World Liberty Application With Warren

• OCC chief signals openness to lawmakers reviewing World Liberty’s bank charter filing.
• Warren seeks an unredacted application to verify required shareholder disclosures.
• OCC says review will follow standard procedures despite political scrutiny.

The head of the Office of the Comptroller of the Currency (OCC) said that he would consider allowing senior lawmakers to review the bank charter application filed by World Liberty Financial, a cryptocurrency venture backed by members of President Donald Trump’s family. The application seeks approval to establish a national trust bank, a designation that would permit the firm to manage client assets and process payments but not accept deposits or issue loans.

Testifying before the Senate Banking Committee, Comptroller Jonathan Gould responded to questions from Senator Elizabeth Warren regarding the pending application. Warren requested access to an unredacted copy of the filing, asking that it be shared confidentially with her and Committee Chairman Tim Scott to verify required disclosures.

Disclosure Requirements and Lawmaker Concerns

World Liberty Financial submitted its application in January. Under OCC regulations, applicants for a national bank charter must disclose all principal shareholders, defined as individuals or entities holding at least a 10% direct or indirect stake. Those parties are required to file biographical and financial reports, and failure to do so can result in dismissal of the application.

Warren referenced reporting that an investor tied to the United Arab Emirates holds a large stake in the crypto venture. During the hearing, she asked Gould whether such ownership had been disclosed in the application. Gould declined to discuss specific details of any pending filing but stated that the agency processes applications according to established procedures outlined in its public manuals.

When pressed on whether he would provide lawmakers access to the unredacted materials in a nonpublic setting, Gould said he would “entertain” the request and consult with agency staff to ensure consistent treatment with past administrations.

OCC Review Process and Political Scrutiny

Several Democratic members of the committee urged Gould to reject or delay consideration of the application, citing potential conflicts of interest. World Liberty Financial is operated by Trump’s sons and associates. The White House has previously denied that the Trump family’s involvement in cryptocurrency ventures presents a conflict.

A spokesperson for World Liberty Financial said the company has complied with all regulatory requirements, including necessary disclosures. The spokesperson characterized criticism from Democratic lawmakers as political.

Gould pointed out during the hearing that the OCC’s licensing process is handled by career staff and conducted in a “fair and evenhanded manner.” He added that the agency would continue to process the application in line with its statutory obligations.

Related: Trump Says Family Handled $500M World Liberty Financial Stake Sale