“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.”
For years, critics from both political parties have warned that debanking, originally intended to combat fraud, terrorism, and money laundering, has been used too broadly — sometimes ensnaring innocent customers. Lawmakers have cited thousands of complaints from consumers who say they were denied services without clear justification.
Read more about political and religious debanking concerns here and Yahoo Finance’s coverage of Trump’s order here.
