After the OCC finalized a rule requiring large banks to provide fair access to bank services, capital, and credit, Online Lenders Alliance CEO Mary Jackson issued the following statement:
“This final rule is an important step and one that is critically needed to ensure that banks treat all customers fairly instead of using their provision of services as a weapon to enforce policy biases.
“Operation Choke Point weaponized bank access, pushing thousands of legal, licensed, and regulated companies out of business by cutting off their ability to access financial services. That was a gross misuse of government power that circumvented the legislative and policymaking processes to unfairly punish legitimate organizations.
“The government was right to officially put an end to Operation Choke Point in 2017 and the OCC’s Fair Access rule will ensure it does not happen again. Banks should not be allowed to discriminate against legal business customers by dropping them due to social or other pressures, period.
“We applaud the OCC for taking this action to ensure the integrity of the banking system and protect the millions of Americans who rely on access to short-term, small-dollar credit products to make ends meet.”