OCC rule on Fair Access to Banking Services
The OCC announced a final rule to ensure that all legitimate businesses have fair access to banking services. OLA had provided comment in support of the rule focusing on the need for the regulations to ensure that loss of service, as was the case during Operation Choke Point, cannot happen again. The OCC proposal would codify more than a decade of guidance stating that banks should provide access to services, capital and credit based on the risk assessment of individual customers, rather than broad-based decisions affecting whole industries.
Read the full comment here.