The Acting Comptroller of the Currency wants to force every large bank to lend to every industry in every geographic region of the country, regardless of whether the bank has any knowledge of the industry or the local area, and regardless of any qualitative factors the bank may want to take into account. The OCC claims it is protecting politically disfavored customers, but really it is just telling senior management and bank boards that they cannot be trusted to make good decisions.
This policy lacks logic and legal basis, ignores basic facts about how banking works in the U.S. and undermines safety and soundness.
- OCC Fair Access Issue Summary
- BPI Comment Letter: Fair Access to Financial Services (RIN 1557-AFO5)
- BPI Asks OCC to Furnish Data Used to Support Rushed Fair Access Proposal in FOIA Request
Bank Activities and Structure
January 14, 2021
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 …Read More