The Office of the Comptroller of the Currency (OCC) announced on Jan. 28 it has paused publication of its “fair access” rule. The rule would have punished large banks for cutting off services to firms in politically unpopular industries.
“Pausing publication of the rule in the Federal Register will allow the next confirmed Comptroller of the Currency to review the final rule and the public comments the OCC received, as part of an orderly transition,” the OCC said in a press release.
“Fair Access” Rule
The fair access rule was introduced in late-November by then-acting Comptroller Brian Brooks and finalized in the closing days of the Trump administration. This would have barred national banks with over $100 million of assets from denying financial services to any firm without a “d…