The White House is preparing an order for fines for banks refusing crypto companies
Key provisions of the project
Here are the main measures outlined in the order:
Expanded checks. The Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation will have to investigate cases of possible discrimination against clients.
Abandoning the assessment of 'reputational risk'. Regulators will need to eliminate regulations that encouraged banks to sever ties with 'undesirable' clients.
The explanatory note to the project mentions an episode when Bank of America closed the accounts of a Christian organization operating in Uganda. The bank explained its decision by stating that it does not serve small businesses outside the USA. A representative of Bank of America stated that they welcome the efforts of the authorities to clarify regulatory rules and have already submitted their proposals to the administration and Congress.
In some cases, the materials of the checks will be directly forwarded to the Attorney General for the initiation of cases.
