Summary – OCC Fair Access to Financial Services

Updated 12/02/2020

The Office of the Comptroller of the Currency’s (“OCC”) notice of proposed rulemaking proposes a rule to ensure that national banks and Federal savings associations offer and provide fair access to financial services. The proposal prohibits a bank from making broad, category-based risk decisions to refuse to provide financial services to certain kinds of businesses. The OCC expects a financial institution to assess whether or not to bank a particular person on “an individual risk management decision about the individual customer, not on the fact that the customer operates in an industry subject to a broad categorical exclusion created by the bank.” The proposed rule creates a new part 55 and establishes the parameters of the fair access requirement. Part 55 applies to a bank with $100 billion or more in total assets.

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