Wall Street Wins Oil, Gun Loan Reprieve After White House Memo
- Agency agrees to Biden administration call to stop regulations
- ‘Fair access’ rule bans banks from rejecting unpopular clients
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Wall Street lenders, benefiting from an early gift from the Biden administration, won at least a temporary reprieve from a controversial rule that would bar them from refusing to serve businesses that they think might harm their reputations.
The Office of the Comptroller of the Currency said in a statement Thursday that its “fair access” rule, which received final approval just two weeks ago, will be paused in response to the “Regulatory Freeze Pending Review” memo that was released shortly after President Joe Biden took office on Jan. 20.