Last-Ditch Trump OCC Rule Forces Banks to Back Industries of Ill-Repute
WASHINGTON – Adding to the unceremonious end of the Trump administration, acting Trump Comptroller of the Currency Brian Brooks finalized a ridiculous rule on his way out the door pressuring banking institutions to finance industries that pose reputational risk and have histories of harming consumers, like predatory payday lenders, big gun manufacturers, and dirty energy companies. Consumer watchdog Allied Progress urged the incoming Biden administration to immediately withdraw the Trump administration’s 11th hour effort to boost the fortunes of industries that deserve no special treatment from federal regulators.
“This is the Trump administration’s swan song dedicated to big industry donors that peddle pollution, pain and predatory loans,” said Jeremy Funk, spokesman for Allied Progress, the group behind www.CFPBWatch.com. “Trump’s OCC never bothered to issue rules ensuring communities of color have fair access to credit despite reams of evidence of systematic discrimination. The only discrimination the Trump administration ever perceived is that of the rich industries that offer harmful products. The Biden administration should shred this giveaway to industry on day one and instead offer relief for those who have truly been denied access to credit, communities of color.”