Trump Cracks Down on ‘Debanking’ With New Executive Order Targeting Big Banks
America ı By Jackie Allen
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New Scrutiny for Financial Institutions
The order instructs federal bank regulators to investigate whether decisions to deny services were politically or religiously motivated. Regulators must review supervisory data for potential violations and refer such cases to the Attorney General. If institutions are found to have engaged in politicized or unlawful debanking, they could face fines, consent decrees, or other remedial measures. “The banks discriminated against me very badly,” Trump told CNBC’s Squawk Box, claiming that JPMorgan Chase and Bank of America refused him services due to his political stance. Full executive order details are available here. https://usaherald.com/kevin-federline-memoir-met-with-fury-from-britney-spears-fans/Rolling Back ‘Reputational Risk’ Rules
One of the most significant elements of the order is the removal of “reputational risk” from bank examination criteria. The Federal Reserve and the Office of the Comptroller of the Currency have already taken this step, with the FDIC expected to follow. Critics have long argued that reputational risk rules give banks excessive leeway to sever ties with customers deemed controversial. The Small Business Administration will also require banks to make efforts to reinstate customers who were denied services unlawfully.Crypto Industry Complains of Debanking
During the Biden administration, crypto companies were flagged as higher-risk clients, making it harder for them to secure banking relationships. The new order is seen as a win for the digital asset industry, which has complained of being unfairly targeted. Earlier this year, the Trump Organization sued Capital One, alleging it closed hundreds of accounts after the January 6, 2021, Capitol attack. The bank countered that the lawsuit lacked factual evidence of political bias.Mixed Reaction from the Finance Sector
Bank lobby groups, including the Bank Policy Institute and Financial Services Forum, welcomed the order, calling it a necessary rollback of “runaway regulations.” In a joint statement, they said: “It’s in banks’ best interest to take deposits, lend to, and support as many customers as possible. Unfortunately, regulatory overreach, supervisory discretion, and a maze of obscure rules have stood in the way.”
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