Banks Restrict Services to Controversial Industries

Debanking Practices by Major US Banks: The Office of the Comptroller of the Currency reveals that nine leading banks implemented restrictive policies from 2020 to 2023, affecting industries like oil and gas, cryptocurrency, tobacco, e-cigarettes, and firearms. These policies, often tied to ESG goals, were public and may have been influenced by negative media coverage. The OCC is investigating and could refer cases to the Justice Department.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.