Can't Get a Rescue Loan? U.S. Banks Say Onerous Rules Are to Blame, Not Them
- Firms say regulations make them prioritize existing clients
- At issue are rules targeting terrorism and money laundering
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U.S. banks, facing criticism for prioritizing existing customers over new ones who are seeking coronavirus rescue loans, put the blame on federal rules meant to catch terrorists and money launderers.
The lenders, who have been getting beaten up by small businesses and lawmakers alike, have urged a little-known agency charged with monitoring suspicious financial transactions for relief from the stringent regulations. But their requests have gone unheeded for now.