by Penka Arsova
LaCorte News
The Office of the Comptroller of the Currency is considering a rule that aims to put an end to the financial blacklisting of businesses and individuals for political reasons.
The rule would essentially stop banks from discriminating against businesses and individuals because of non-financial reasons, like political pressure, political viewpoints, or the category/ industry they belong to. If enforced, banks will only be allowed to deny services to a business solely based on previously established risk assessment standards.
According to a press release from the OOC, it “would prevent banks … from limiting fair access to banking services by preventing a business or person from entering, or limiting their ability to enter, a particular market, or disadvantaging a person to benefit another person or interest.” In other words, the OCC is looking for a way that will ensure all services are available to every customer, except in cases where the risk factors dictate otherwise.