New Comptroller of the Currency (OCC) Suspends Brian Brooks' 'Fair Access' Banking Rule
Per an announcement on Thursday, the incoming Comptroller of the Currency has resolved his first policy move, upending a law that has been in place for two months.
The fair access rule was instituted by Brian Brooks, the former Comptroller of the Currency. With the law in place, federally chartered banks would be prohibited from denying companies access to their services based on political or ideological factors.
Published last November, the rule's primary aim was to stop banks from limiting access to their services. While they can still deny access to services, all denials would need to be based on financial and economic factors like the ability to pay and creditworthiness.
