Senate Banking Committee Chair Elizabeth Warren, D-Mass., argues that the OCC inappropriately greenlit United Texas Bank's conversion to a national bank charter despite an active anti-money-laundering cease-and-desist order, which she said is a violation of the Dodd-Frank Act. Sen. Elizabeth Warren, D-Mass., on Friday pressed the Trump administration's top bank regulators over their decision to allow United Texas Bank to convert from a state-chartered bank to a national bank even as it was under an active anti-money-laundering enforcement action. She called on the OCC to revoke the bank's national charter, arguing the agencies had opened the door to "charter shopping" by troubled institutions. "As the sole dissenter from the Federal Reserve's decision not to object, Governor Michael Barr highlighted that United Texas Bank's national bank charter approval raises serious concerns about its unresolved anti-money-laundering and terrorist-financing deficiencies." The letter argues "OCC should immediately revoke United Texas Bank's national bank charter" and directs the agencies to explain the legal and supervisory basis for approving the conversion, including what evidence United Texas presented for demonstrating progress toward its ongoing enforcement-related obligations.