The Office of the Comptroller of Currency (OCC) proposed a new rule last week which prohibits banks from denying services to oil and gun companies.
The proposed rule will forbid banks with over $100 billion in assets from refusing banking services to oil, firearms, detention and prison organizations if they pass the risk assessment.
The rule will also discredit Operation Choke Point. It is an Obama-era policy intended to combat money laundering.
The OCC claims that the rule has “pressured banks to cut off access to financial services to disfavored (but not unlawful) sectors of the economy.” Such practices are “inconsistent with a bank’s legal responsibility to provide fair access to financial services,” the OCC stated.
The move came after many Republican lawmakers rais...