A rule that was put in place requiring banks to conduct risk assessments for individual customers rather than classes of customers — such as, conservative charities, political groups, or churches — has been blocked by the current Office of the Comptroller of the Currency (OCC) and leaves it to be reviewed by the “next confirmed” Comptroller under the Biden administration.
The rule, which as put in place January 14, was according to it’s stated purpose, to codify “more than a decade of OCC guidance stating that banks should conduct risk assessment of individual customers, rather than make broad-based decisions affecting whole categories or classes of customers, when provisioning access to services, capital, and credit.”
Today, the OCC put that rule on hold. The office’s press release states, “The Office of the Comptroller of the Currency (OCC) today announced it has paused publication of its rule to ensure large banks provide all customers fair access to their services.”
The press release continues, “Pausing publication of the rule in the Federal Register will allow the next confirmed Comptroller of the Currency to review the final rule and the public comments the OCC received, as part of an orderly transition.”
Historically, conservative groups have been targeted by banks refusing service under the guise of “hate speech” and other leftist mantras. Alex Jones, for example, has been banned by PayPal for “promoting hate” despite the fact that Jones’ activities are completely legal in the U.S.
JP Morgan Chase has also made headlines as it allegedly purged the accounts of several conservative groups.