Figure Technologies Abandons Quest to be U.S. Chartered Crypto Bank After Three-Year OCC Fight

“Had Figure not withdrawn its application, both law and common sense would have dictated that regulators reject it,” said Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition, in a statement that accused the company of making insufficient plans to meet a bank’s customary obligations under the Community Reinvestment Act. “This is good news for anyone who thinks we should have a stable, safe and appropriately supervised financial system.”