US Bank Regulator Moves to Further Eliminate So-Called Debanking

The Office of the Comptroller of the Currency said it would move to eliminate what’s known as debanking following calls from some industry groups and Republicans to end a practice critics have viewed as unfair.

“The OCC is taking steps to end the weaponization of the financial system,” OCC head Jonathan Gould said Monday, adding he wants to root out bank activities that unlawfully discriminate against customers on the basis of political or religious beliefs.