The OCC announced today that it is pausing publication of its final fair access rule in the Federal Register to “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.”

The final rule is intended to codify the principle that a bank’s decision not to serve a particular customer should be based on an individual risk management decision about that individual customer, not on the fact that the customer operates in an industry subject to a broad categorical exclusion created by the bank. … Continue Reading

After reviewing the proposal’s statutory basis, coverage, and operative requirements, Mr. Court explains the basis for BPI’s position that the proposal is inconsistent with how banking is regularly conducted and will undermine rather than promote safety and soundness, provides examples of how the proposal would impose unworkable requirements, and discusses BPI’s Freedom of Information Act request to the OCC for data supporting its assertions about banks in the proposal. … Continue Reading

The OCC has issued a proposed rule that would establish standards that a bank must follow in fulfilling its obligation to provide fair access to financial services.  Comments on the proposal are due by January 4, 2021.

The rule would apply to national banks and federal savings associations with a market position that allows them to (1) raise the price a person has to pay to obtain a financial service offered by the bank from the bank or a competitor, or (2) significantly impede a person, or a person’s business activities, in favor of or to the advantage of another person. … Continue Reading