OCC Pitches Rule Requiring Banks To Provide 'Fair Access'

Law360 (November 20, 2020, 7:30 PM EST) -- The Office of the Comptroller of the Currency on Friday floated a proposed rule that would limit big banks' ability to turn away fossil fuel companies, gun manufacturers and other "politically controversial" businesses, citing concerns about the banking system being misused to advance ideological agendas.

Under the OCC's rulemaking proposal, large banks would be obligated to offer their services broadly "on proportionally equal terms to all customers engaged in lawful activities." Banks could deny service to specific customers based on "quantitative, impartial risk-based standards," but they couldn't refuse businesses they don't like or want to discourage, according to the proposal....

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