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The action is expected to be challenged by banks and the Biden Administration; the Fed chair says the central bank has no plans to raise rates or tighten monetary anytime soon.
The Office of the Comptroller of the Currency has argued banks with more than $100 billion in assets may exert significant pricing power or influence over sectors of the national economy, Axios reported Friday.
Wall Street Fumes at 11th-Hour Rule From Trump Bank Watchdog Bloomberg 1/14/2021 Robert Schmidt and Jesse Hamilton © Photographer: Cindy Ord/Getty Images North America NEW YORK, NEW YORK - SEPTEMBER 25: The New York City skyline is seen from a NY Waterway ferry as the city continues Phase 4 of reopening following restrictions imposed to slow the spread of coronavirus on September 25, 2020 in New York City. NY Waterway recently restored commuter ferry service from Port Imperial in Weehawken, NJ to their two Lower Manhattan terminals, Brookfield Place/Battery Park City and ...
© iStock The Office of the Comptroller of the Currency (OCC) on Thursday finalized a controversial rule banning large banks from rejecting businesses based on their industry. The move comes less than two months after the agency first proposed the regulations. The rule makes it illegal for any bank regulated by the OCC with more than $100 billion in assets to reject a customer for reasons other than financial risk. Supporters and critics of the rule both say it is intended to prevent more banks from joining those who’ve stopped serving firearm companies and financing oil and gas drilling p...
The Office of the Comptroller of the Currency finalized a rulemaking Thursday morning opposed by the industry that forces the largest banks to provide services to gun businesses and other controversial sectors if those businesses meet certain financial criteria.