In his last days in office, acting comptroller Brain Brooks finalized the Fair Lending Rule. The new OCC rule will forbid banks from refusing financial services to politically unfavoured companies like guns and oil entities.
OCC’s aims to provide equal access to credit to companies if they meet the risk assessment and legal obligation clauses. The rule will force banks with over $100 billion in assets to provide credit to companies regardless of their operations.
If a bank refuses to lend to a politically unfavoured business, they “need to show their work and the legitimate business reasons for doing so,” Acting Comptroller of the Currency Brian P. Brooks said.
Brooks says that banks are not the entities to decide what is lawful and unlawful in the economy by tr…