Hoeven Statement on OCC Delaying Rule to Prevent Discrimination in Banking Services

WASHINGTON – Senator John Hoeven issued the following statement after the Office of the Comptroller of the Currency (OCC) delayed publishing the final rule that would ensure fair access to financial services provided by national banks, federal savings associations, foreign branches and agencies of foreign bank organizations.

The final rule would prevent larger banks, with $100 billion or more in assets, from refusing banking services, including lending, to businesses and consumers based on anything other than creditworthiness. The final rule was released earlier this month by the Trump administration, following the required public review period.

“Access to banking services is essential for nearly every business, and this rule would help ensure that credit-worthy businesses will not face discrimination in lending or similar services due to their industry or other factors,” said Hoeven. “The OCC advanced this rule in good faith, following the proper rulemaking procedure, and I am disappointed that the Biden administration is stalling its implementation.” 

Hoeven has worked with his colleagues to ensure access to banking services for legal and compliant businesses. The senator previously joined a letter led by Senator Kevin Cramer to the leaders of the Treasury Department and Small Business Administration requesting they ensure that lawful companies are not being discriminated against under the CARES Act. Additionally, Hoeven joined an effort led by Senator Dan Sullivan (R-Alaska) to raise the issue with President Trump.