Senator Warren Questions Regulators on Approval of Bank Charter
Senate Banking Committee Ranking Member Elizabeth Warren pressed banking regulators to explain whether a Silicon Valley-backed bank, founded by donors to President Trump and the GOP, received expedited approval for a national charter and federal deposit insurance through political connections rather than on the merits of its application.
In letters to OCC Comptroller Jonathan Gould, FDIC Chair Travis Hill, and the bank's founder, Senator Warren highlighted that the bank was set up to "serve as the financial hub for an interrelated set of Silicon Valley firms owned by these billionaires and their friends." She said the bank "intends to replace Silicon Valley Bank, which failed spectacularly in 2023" and that "its business plan is similarly risky." The Senator also alleged that the bank's charter application was filed by an attorney who was appointed OCC Chief Counsel less than two months later. She noted that the bank opened without a Chief Risk Officer in place — mirroring risks that contributed to Silicon Valley Bank's 2023 collapse.
Senator Warren requested detailed information on (i) all communications between regulators, the White House, and bank representatives; (ii) full unredacted copies of the charter and deposit insurance applications; (iii) the nature of any prior relationships between regulators and the bank's investors; (iv) all meeting records between agency officials and the bank; and (v) the basis for approving the bank without a Chief Risk Officer.
Senator Warren asked all parties to respond by March 12, 2026.