Along with Crypto Companies and Disfavored Businesses, OCC has finally decided to end the discrimination of the bank
Currently, OCC has come up with a change in the rule that proposes the larger U.S banks compelling them to provide the right and fair access to the financial services to all those who want them. This proposal has been made for clarifying the obligation of the large banks to offer fair access to the financial services in a manner that is consistent along with the Dodd-Frank Act’s Mandate.
What was the discrimination all about?
The Dodd-Frank act had already been recognized as the broader principle of anti-discrimination in which the individuals are entitled to be fairly treated by the national banks. The controller office of the currency also suggested there has to be a change in the rule for those who are looking forward to ending the consistent discrimination against the business which has been disfigured such as the crypto companies. The action of OCC would then compel and be effective of the law and thus allow the agency for taking the enforcement action or supervisory measures which is right.
The public notice which was proposed on the change of the rule argued by the OCC stated that there are some of the large banks that still continue to employ the risk valuations that are based on the category. However, there are some banks that have still continued with the best practice despite the earlier call that OCC made for them for ensuring the services they make to offer the customers are available to the customers expect to an extent that the factors of the risk specified to individual customers dictate otherwise.
The OCC further claims that Banks wants to make the use of the principle of the individual instead of the customers that have category based risk evaluation. This has been reinforced in many OCC reports which also was stated in the OCC official's testimony and other releases made by the agency.
Crypto Business World
CBW - External Analyst