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24 November 2020

US OCC Seeks End to Bank Deplatforming of 'Disfavored' Industries - CoinDesk

US OCC Seeks End to Bank Deplatforming of 'Disfavored' Industries - CoinDesk


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Office of the Comptroller of the Currency, a national bank regulator led by former Coinbase counsel Brian Books, has proposed a rule that would forbid banks to blacklist legal industries — including, presumably, cryptocurrency firms. .

Under the proposed rule, banks could deny financial services to customers only on the basis of “quantitative, risk-based standards established in advance,” and not in response to political pressures. .

“Government agencies (but not the OCC) were revealed to have pressured banks to cut off access to financial services to disfavored (but not unlawful) sectors of the economy,” according to the OCC’s proposal.

In its proposal, the regulator gave examples of banks being pressured by political boycotts to stop providing financial services to family planning organizations or shotgun and rifle makers. 

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