{"id":125592,"date":"2020-12-03T21:00:19","date_gmt":"2020-12-03T18:00:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/occ-works-to-win-back-house-democrats-still-miffed-at-leaders-focus-on-crypto\/"},"modified":"2020-12-03T21:00:19","modified_gmt":"2020-12-03T18:00:19","slug":"occ-works-to-win-back-house-democrats-still-miffed-at-leaders-focus-on-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/occ-works-to-win-back-house-democrats-still-miffed-at-leaders-focus-on-crypto\/","title":{"rendered":"# OCC works to win back House Democrats, still miffed at leader&#8217;s focus on crypto"},"content":{"rendered":"<p>&#8220;<strong># OCC works to win back House Democrats, still miffed at leader&#8217;s focus on crypto <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjAtMTIvZjRiMmQzOTktNDk0OS00MjczLThiY2ItOWNjZGY0Y2I0NjI2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>The U.S. Treasury&#8217;s Office of the Comptroller of the Currency is expanding an outreach program designed to provide access to minority depository institutions, or MDIs.<\/p>\n<p>Per a Thursday announcement shared with Cointelegraph, the OCC&#8217;s Project REACh is expanding to include a pledge of large and mid-sized banks partnering with MDIs. The pledge requires the partner bank to expand investment and support for executive development at the MDI that it works with.<\/p>\n<p>MDIs are simply banks or credit unions that are majority-owned by ethnic or racial minorities. They are seen as critical to expanding financial inclusion to minority groups left out of many parts of the broader financial system. Acting Comptroller Brooks said of MDIs:<\/p>\n<blockquote><p>\u201cTheir unique status makes them well-suited to help improve financial services for minority and underserved communities and create meaningful economic opportunities.&#8221;<\/p><\/blockquote>\n<p>The OCC named\u00a0Citibank, Flagstar, Huntington, Texas Capital and Wells Fargo as the first cohort to commit to the new pledge.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<p>Initially announced in October, Project REACh began under Brooks&#8217; leadership and has been a centerpiece of his work on financial inclusion \u2014 especially before Democratic members of the House Financial Services Committee, unh<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>y with his focus on cryptocurrencies.<\/p>\n<p>Brooks joined the OCC from Coinbase&#8217;s legal team at the beginning of the year upon the resignation of Joseph Otting. Within the Treasury, the OCC is charged with managing the federal government&#8217;s relationship to national banks. Given Brooks&#8217; background, it&#8217;s no surprise that crypto was on his mind\u00a0as a means of advancing the U.S. banking system when he joined.<\/p>\n<p>There is a catch. Donald Trump appointee Steven Mnuchin leads the Treasury, and it was Trump appointee Otting who named Brooks as his acting successor. Just weeks ago, Trump nominated Brooks to the position, but that nomination is waiting on Senate confirmation, and the clock is ticking. Given ties to President Trump, it is no surprise that the relationship with Democrats on Congressional committees responsible for overseeing these offices can get <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/thehill.com\/homenews\/house\/528429-katie-porter-in-heated-exchange-with-mnuchin-youre-play-acting-to-be-a-lawyer\" data-amp=\"https:\/\/thehill-com.cdn.ampproject.org\/c\/s\/thehill.com\/homenews\/house\/528429-katie-porter-in-heated-exchange-with-mnuchin-youre-play-acting-to-be-a-lawyer?amp\">testy<\/a>.\u00a0<\/p>\n<p>At the beginning of November, Brooks appeared before the House Financial Services Committee and the Senate Banking Committee to report on the OCC&#8217;s activities. As mentioned before, it was Democrats from the former committee who criticized Brooks&#8217; focus on crypto as a distraction from the duties of expanding financial access. And indeed, Chairwoman Waters (D-CA) wrote a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of criticisms of Otting and Brooks over their handling of the Community Reinvestment Act.<\/p>\n<p>However, Democratic representatives like Houston&#8217;s Al Green, who has spent many years backing minority financial access on the Financial Services Committee, seemed impressed with Project REACh at last month&#8217;s hearing.\u00a0<\/p>\n<p>For its part, Project REACh&#8217;s name seems to be not only a reference to extending a hand to those left out of the financial system; it also seems to be an effort to stretch across the aisle in the face of partisan gridlock.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/occ-works-to-win-back-house-democrats-still-miffed-at-leader-s-focus-on-crypto\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# OCC works to win back House Democrats, still miffed at leader&#8217;s focus on crypto &#8221; The U.S. Treasury&#8217;s Office of the Comptroller of the Currency is expanding an outreach program designed to provide access to minority depository institutions, or MDIs. Per a Thursday announcement shared with Cointelegraph, the OCC&#8217;s Project REACh is expanding to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":125593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/f4b2d399-4949-4273-8bcb-9ccdf4cb4626.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74888,74956,71939,52214,71511,55229,70934,67874],"class_list":["post-125592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-banking","tag-coinbase","tag-banks","tag-congress","tag-government","tag-law","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/125592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=125592"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/125592\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/125593"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=125592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=125592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=125592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}