Big Bank Fined for Politically Motivated Account Closures: Regulator Says Nine Giants Debanked Coal, Gas, Tobacco, and Private Prisons.
A scathing report by a top banking regulator reveals that nine of the largest banks in the US have been debanking coal, gas, tobacco, private prisons, and other industries deemed "politically sensitive." The investigation stems from President Trump's claims of politicized or unlawful debanking activities.
According to Comptroller of the Currency Jonathan Gould, who issued the report, the Office of the Comptroller of the Currency found that these banks had improperly refused to do business with a range of sectors. JPMorgan Chase and Bank of America are among those listed as having engaged in such practices.
Gould stated that it's unfortunate that banks used their government-granted charter and market power for this purpose, adding that the OCC will hold them accountable and prevent further debanking.
The investigation focused on environmental or sustainability-related decisions made by banks to appease investors who wanted these industries to address climate change and racial inequality. While Gould didn't call these actions unlawful, he said some banks claimed they did not engage in debanking despite being transparent about their policies.
Banks claim that decisions to avoid certain industries are based on laws meant to prevent criminal activity and money laundering. They also argue that such practices are a response to regulatory pressures aimed at protecting the industry.
However, these claims have been met with skepticism by some, who see this as an attempt to deflect criticism. The issue has become a point of contention between banks and the White House, which has pushed a deregulatory agenda beneficial to the industry.
The report highlights the need for greater transparency and accountability in banking practices. As Gould noted, "It's in banks' best interest to take deposits, lend to, and support as many consumers and businesses as possible" – a sentiment echoed by a lobbying group for banks.
But critics argue that this approach only serves to protect the interests of big banks at the expense of smaller lenders and vulnerable customers. The investigation has sparked renewed scrutiny into the dealings of the US banking industry and its relationship with politics.
A scathing report by a top banking regulator reveals that nine of the largest banks in the US have been debanking coal, gas, tobacco, private prisons, and other industries deemed "politically sensitive." The investigation stems from President Trump's claims of politicized or unlawful debanking activities.
According to Comptroller of the Currency Jonathan Gould, who issued the report, the Office of the Comptroller of the Currency found that these banks had improperly refused to do business with a range of sectors. JPMorgan Chase and Bank of America are among those listed as having engaged in such practices.
Gould stated that it's unfortunate that banks used their government-granted charter and market power for this purpose, adding that the OCC will hold them accountable and prevent further debanking.
The investigation focused on environmental or sustainability-related decisions made by banks to appease investors who wanted these industries to address climate change and racial inequality. While Gould didn't call these actions unlawful, he said some banks claimed they did not engage in debanking despite being transparent about their policies.
Banks claim that decisions to avoid certain industries are based on laws meant to prevent criminal activity and money laundering. They also argue that such practices are a response to regulatory pressures aimed at protecting the industry.
However, these claims have been met with skepticism by some, who see this as an attempt to deflect criticism. The issue has become a point of contention between banks and the White House, which has pushed a deregulatory agenda beneficial to the industry.
The report highlights the need for greater transparency and accountability in banking practices. As Gould noted, "It's in banks' best interest to take deposits, lend to, and support as many consumers and businesses as possible" – a sentiment echoed by a lobbying group for banks.
But critics argue that this approach only serves to protect the interests of big banks at the expense of smaller lenders and vulnerable customers. The investigation has sparked renewed scrutiny into the dealings of the US banking industry and its relationship with politics.
I don't know man... it's like these big banks think they're above the law just 'cause they've got a government-granted charter and tons of power. Debanking entire industries because it makes some investors happy? That's not right, you feel me? 
It's like they're trying to play both sides and get away with it.
It's clear to me that this is just a case of big banks trying to deflect criticism and protect their own interests.
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anyway back to this banking thing... idk how ppl can justify profiting off of industries that hurt the environment or exploit workers... seems like a pretty shady business model if u ask me 
I'm so worried about these big banks right now... it's like they're using their power to silence certain voices and industries that could be making a real difference in our world. 
It's crazy to think that banks are getting away with using their charter and market power to just appease investors and avoid being held accountable for their actions.
It's time for our regulators to step up and make sure that banks are truly serving the public interest, not just their own interests.
Can't we just have honest, transparent conversations about what's going on here?
just saw the report on those 9 big bank fined for politically motivated account closures... this is wild, nine giant banks were debanking industries like coal and tobacco because they wanted to appease investors who care about climate change and racial inequality 
. it's crazy that banks are using their government-granted charter and market power to basically kick out certain groups 
. i mean, they're saying it's all about preventing money laundering and criminal activity, but come on... it sounds like a total PR stunt to me 
. the regulator is calling them out for not being transparent enough, and honestly, who can blame him? this whole thing just reeks of corporate greed 
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. But let me tell you, I'm glad someone's finally stepping in to hold these guys accountable 
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It's all about politics and PR, right?
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The fact that some banks are claiming this is all about preventing money laundering and crime is just a bunch of BS... we need to see the proof, not just hear their excuses. 
? It's like they think they're above the law 
. I mean, come on, JPMorgan Chase and Bank of America are two of them? That's a lot of big fish in a small pond 
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anyway, this report is a good reminder that we need more transparency in the banking industry so everyone can play fair.