Sen. Elizabeth Warren, D-MA, is asking the Office of the Comptroller of the Currency to revoke United Texas Bank’s national banking charter. The OCC in May approved United Texas’ bid to convert its charter from state regulation to oversight by a national agency. However, the conversion, completed in June, came while United Texas operated under a 2024 consent order. The OCC approved the charter switch on the condition that United Texas consent to a new enforcement action. In addition to the AML and risk management concerns, the Dallas Fed and Texas state banking regulator in 2024 ordered United Texas to address “significant deficiencies” in corporate governance and oversight by the bank’s board and senior management.