Trump's week in review: Iran ceasefire; fraud crackdown; Vance speaks in Hungary
3. Trump admin. issues new rule designed to prevent 'de-banking'
In a notice Tuesday in the Federal Register, the U.S. Department of the Treasury, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation announced a new rule that “prohibits the agencies from criticizing or taking adverse action against an institution on the basis of reputation risk.”
The rule “also prohibits the agencies from requiring, instructing or encouraging an institution to close an account, refrain from providing an account, product or service, or modify or terminate any product or service on the basis of a person or entity’s political, social, cultural or religious views or beliefs, constitutionally protected speech, or lawful business activities perceived to present reputation risk,” according to a summary.
The rule forbids agencies from taking "any supervisory action or other adverse action … designed to punish or discourage an individual or group from engaging in any lawful political, social, cultural or religious activities,” the notice states.
The rule follows accusations that major financial institutions closed accounts tied to groups with disfavored political views. In May 2022, Chase closed the account of the National Committee for Religious Freedom, founded by former U.S. Ambassador-at-Large for International Religious Freedom Sam Brownback. The bank did not provide a reason.
Ryan Foley is a reporter for The Christian Post. He can be reached at: ryan.foley@christianpost.com
