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US Currency Regulator Takes Action to Eliminate 'Debanking' Phenomenon

Summary: In a recent development, the US Office of the Comptroller of the Currency (OCC) announced on Monday that it will take measures to eliminate the so-called 'debanking' phenomenon in response to calls from industry groups and Republicans to end this perceived unfair practice. OCC head Jonathan Gould stated, 'OCC is taking steps to end the ...

In a recent development, the US Office of the Comptroller of the Currency (OCC) announced on Monday that it will take measures to eliminate the so-called 'debanking' phenomenon in response to calls from industry groups and Republicans to end this perceived unfair practice. OCC head Jonathan Gould stated, 'OCC is taking steps to end the weaponization of the financial system,' and added that the agency will focus on eradicating illegal discrimination by banks against customers based on political or religious beliefs.

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