Reuters: Wall Street Banks Slam Lending Proposal as ‘Unworkable’ and ‘Political’

Article appears in Reuters

Major U.S. banks on Wednesday pushed back on a proposal to bar them from snubbing controversial business sectors, such as oil and gas giants, in an unlikely turn of events that has pitched Wall Street against one of the Trump administration’s industry-friendly regulators.

In a letter to Acting Comptroller of the Currency Brian Brooks, the Bank Policy Institute (BPI) asked for more time to assess the “unprecedented” proposal and requested to see data the agency used to assess its economic impact.

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The views expressed do not necessarily reflect those of the Bank Policy Institute’s member banks, and are not intended to be, and should not be construed as, legal advice of any kind.