Hoeven Statement on OCC's Final Rule on Fair Access to Credit
BISMARCK, N.D. – Senator John Hoeven issued the following statement after the Office of the Comptroller of the Currency (OCC) issued a 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 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, rather than arbitrarily denying financial services to entire industries.
“We appreciate the Comptroller’s work to finalize this rule, which will help ensure that credit-worthy businesses have access to necessary banking services, while also preventing banks from arbitrarily denying financial services to businesses based on their industry, or other factors,” said Hoeven.
Hoeven has worked with his colleagues to prevent banks from discriminating against legal and compliant businesses. The senator joined a letter led by Senator Kevin Cramer to the leaders of the Treasury Department and Small Business Administration to ensure that lawful companies are not being discriminated against under the CARES Act. Additionally, Hoeven joined an effort led by Senator Dan Sullivan to raise the issue with the President.
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