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ABA Banking Journal: OCC Conditionally Approves National Bank Charter Application for Crypto Firm Paxos

ABA Banking Journal, April 23, 2021, OCC Conditionally Approves National Bank Charter Application for Crypto Firm Paxos

The OCC today granted conditional approval for a national trust bank charter to New York-based Paxos National Trust. Paxos—a cryptocurrency firm that proposed to provide “a range of services associated with digital assets” including custody services—will operate as an non-depository trust bank.

ABA President and CEO Rob Nichols joined National Community Reinvestment Coalition CEO Jesse Van Tol in an op-ed earlier this year warning of the risks of allowing fintechs to obtain national bank charters while circumventing the full range of consumer protection and community reinvestment laws that apply to traditional banks.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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