Comptroller Jonathan V. Gould testified before the U.S. House of Representatives Committee on Financial Services today, outlining the Office of the Comptroller of the Currency's (OCC) renewed focus on managing rather than eliminating financial risks, fostering de novo bank formation, and promoting responsible innovation. Gould emphasized a departure from post-2008 policies that he said led to a "less relevant and diverse banking system."
Gould highlighted that the post-2008 approach, including the Dodd-Frank Act, created "too-small-to-succeed" conditions, causing a 50 percent decline in banks with less than $1 billion in assets. He noted a significant turnaround in de novo bank formation, with the OCC receiving as many applications in 2025 alone as in the previous four years, and conditionally approving 10 more this year. "The OCC is open for business again," Gould said.
The Comptroller also detailed a return to "risk-based supervision rooted in law and emphasizing examiner judgment," moving away from arbitrary checklists. He mentioned efforts to finalize the GENIUS Act proposal to ensure consumer protections for stablecoin users and confirmed the OCC is investigating complaints of alleged debanking, consistent with the President’s executive order, to ensure fair access to financial services.