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OCC Halts Fair Access Banking Rule
The rule would have prohibited U.S. banks from denying services based on ideological factors.
The Office of the Comptroller of the Currency on Thursday put former acting Comptroller Brian Brooks' controversial "fair access" banking rule on hold pending a review by the new administration.
STORY CONTINUES BELOW
- Brooks' so-called "fair access" rule sought to prohibit federally chartered banks from denying financial services such as lending to would-be clients on political or ideological grounds.
- While the rule never mentioned cryptocurrencies, it came as welcome news to businesses in the space, which have long struggled to obtain or keep bank accounts in the U.S.
- The OCC rushed to finalize the rule before the end of President Donald Trump's term, but it was never published in the Federal Register.
- Proponents have claimed the rule was a necessary check on politically motivated financial exclusion. Detractors have blasted the proposal for being far from fair.
- The next OCC head will review the rule once he or she is confirmed, OCC said in a statement.
OPINION: We Don’t Need the OCC’s ‘Political Discrimination’ Rule
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
