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“Fair Access to Financial Services” Battle Emerges on OCC’s Comments Page
By Dennis Santiago | Dec 20, 2020

Policy

It is called Chapter 12 of the Code of Federal Regulations. That is where all the rules for regulating America’s vast banking system are codified. Following years of complaints by companies that banks are denying them lending, credit and services, the Department of the Treasury’s Office of the Comptroller of the Currency has decided to act to reinforce its mandate to ensure fair access to banking and financial services to all legitimate businesses regardless of their political or philosophical persuasion.

The problem, as described in the OCC’s Notice of Proposed Rulemaking (NPRM) is that banks have been practicing discriminatory “de-banking” of politically disfavored clientele.

The lightning rod of the problem began in the 2014 to 2016 timeframe when bank regulators instructed banks to cease access to services discrimination following the declaration to an end to Operation Chokepoint, a failed policy that attempted to use restrictions on the firearms industry to combat criminal activity related to the US War on Drugs under the premise of combatting money laundering. The fiasco exploded in the government’s face when a parallel program called Fast and Furious turned out to be one of the sources of that money laundering activity.

In the years 2016 to 2020, banks privatized the bad practices of Operation Chokepoint and continued to de-bank not just gun companies, but other “sindustries” such as oil exploration, correctional facilities, family planning organizations, independent non-bank owned automated teller machine networks, industrial farming, and other activities that are part of the overall landscape of a vast and vibrant US economy.

The NPRM disdains bank use of unsafe and unsound business practices based on personal beliefs and opinions, ungrounded risk assessments, and speculative assumptions about future political and legal changes. None of this has anything to do with the banking systems role in the economy to deliver fair access and services. All of it is subject to the whimsy of people within the banks making discriminatory decisions in private that undermine trust in the US financial system.

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[redstate.com]

Krunoslav 9 Dec 20
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