OCC Plan Would Force Banks to Lend to Oil and Gun Companies
- If they can repay loans, agency wants banks to open doors
- Lenders have turned away some industries on political grounds
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A Wall Street regulator appointed by President Donald Trump wants to force banks to finance unpopular businesses the industry has been known to shun -- a list that includes oil companies, gun manufacturers and private prisons.
Acting Comptroller of the Currency Brian Brooks on Friday proposed a rule that would require banks to extend services and credit to any customers that pass their risk assessments. The move addresses a concern raised by Republicans that lenders including Citigroup Inc. and Bank of America Corp. have engaged in discrimination due to public pressure or their own distaste for certain industries.