OCC Halts Fair Access Banking Rule
The rule would have prohibited US banks from denying services based on ideological factors.
OCC Halts Fair Access Banking Rule
The Office of the Comptroller of the Currency on Thursday put former acting Comptroller Brian Brooks’ controversial “fair access” banking rule on hold pending a review by the new administration.
- Brooks’ so-called “fair access” rule sought to prohibit federally chartered banks from denying financial services such as lending to would-be clients on political or ideological grounds.
- While the rule never mentioned cryptocurrencies, it came as welcome news to businesses in the space, which have long struggled to obtain or keep bank accounts in the U.S.
- The OCC rushed to finalize the rule before the end of President Donald Trump’s term, but it was never published in the federal register, leaving it vulnerable to bureaucratic maneuvering.
- Proponents have claimed the rule was a necessary check on politically motivated financial exclusion. Detractors have blasted the proposal for being far from fair.
- The next OCC head will review the rule once he or she is confirmed, OCC said in a statement.
