certify
Home arrow Article arrow Article Detail

Along with Crypto Companies and Disfavored Businesses, OCC has finally decided to end the discrimination of the bank

Profile Image

Crypto Business World Follow

INDIA

Dec, 07 2020

Dec, 07 2020

likes | comments 0

Article Image

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.


likes | comments 0

Profile Image

Crypto Business World

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
BIS to Monitor Stablecoins, Focus on CBDC Experiments

The Bank for International Settlements (BIS), known as the "bank for central banks," plans to ramp up its research of central bank digital currencies (CBDCs) through its research and development arm..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.