BPI Statement on OCC Decision to Finalize ‘Fair Access’ Rule

Washington, D.C. – Today, BPI President and CEO Greg Baer issued the following statement in response to a decision by the Office of the Comptroller of the Currency to finalize its ‘fair access’ rule:

We are disappointed the Acting Comptroller chose to fast-track the final approval of this hastily conceived and poorly constructed rule on his last day in office.  The rule lacks both logic and legal basis, it ignores basic facts about how banking works, and it will undermine the safety and soundness of the banks to which it applies.  Its substantive problems are outweighed only by the egregious procedural failings of the rulemaking process, and for these reasons it is unlikely to withstand scrutiny.

Greg Baer, BPI President and CEO