US Regulator Wants To Stop Banks From Blacklisting Legal Businesses, Crypto Included
New rule-making aims to stop “creeping politicization of the banking industry,” says OCC head. US Regulator Wants To Stop Banks From Blacklisting Legal Businesses, Crypto Included
Per an announcement on Friday, the Office of the Comptroller of the Currency, or OCC, is looking for public comments on rule-making that would stop banks from denying services to businesses based on sector.
In the words of Comptroller Brian Brooks, “Blanket boycotts of entire industry sectors have to stop.”
The OCC’s announcement points to political hot-button issues that banks have systematically denied services to, including oil and gas companies in Alaska as well as Planned Parenthood.
Speaking to the media, Brooks noted the bipartisan nature of many of these bans: “These things are not politically partisan, but there are all kinds of attempts that we’ve seen to politically weaponize the banking system.” He continued: “There is a creeping politicization of the banking industry that has the potential to be very dangerous.”
Brooks Told Cointelegraph:
“There is no place within the United States where crypto is illegal, but there are different licensing requirements for companies involved with businesses so obviously if a bank was banking one of those businesses, one of the things that bank would look at as part of its diligence is whether that exchange or other business had the relevant approvals in that state.”
Which is to say, banks would not be able to disqualify potential crypto clients on the basis of their industry. A combination of uncertain regulation and reputational risk has led banks to cut off services to crypto businesses all over the world.
Brooks, who formerly ran Coinbase’s legal team and took the helm at the OCC in May, has spearheaded a number of initiatives to reconcile crypto with the banking industry. Indeed, several members of the House Financial Services Committee saw fit to criticize Brooks for his focus on crypto during the pandemic.
Given the prominent role of oil and gas businesses in today’s proposed rule-making, Brooks may well take additional heat from the same characters.
The proposed rule-making is available under docket number OCC-2020-0042. The OCC invites commentary through Jan. 4.
Banks Can’t Deny Services To Entire Industries Under OCC Proposal
OCC proposal follows complaints from oil-and-gas industry.
Big U.S. banks can’t refuse to lend to entire categories of lawful businesses under a rule proposed Friday, following complaints that the oil-and-gas industry was unfairly denied financing by large lenders.
The Office of the Comptroller of the Currency said its proposal is aimed at ensuring “fair access” to banking services for all types of legal but politically controversial businesses, not just fossil-fuel companies.
It covers a range of businesses the regulator said have been denied service for apparently partisan reasons, such as family-planning centers, firearms manufacturers and privately managed prisons.
“We need to stop the weaponization of banking as a political tool,” Brian Brooks, the acting comptroller, said in an interview this week. “It’s creating real economic dislocations.”
Friday’s proposal will be subject to public comment until Jan. 4 before it can receive final approval, leaving a narrow window for Mr. Brooks to complete the measure before President Trump leaves office on Jan. 20. Though Mr. Brooks can remain in his job after President-elect Joe Biden’s inauguration, the incoming administration could move swiftly to replace him.
The measure, which Mr. Brooks said largely codifies existing guidance, is certain to draw pushback from the banking industry over concerns it could create an obligation to lend unless a bank can demonstrate there is credit risk. The Financial Services Forum, which represents the biggest U.S. banks, and the Bank Policy Institute, another industry group, declined to comment.
Five of the six largest U.S. banks— Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co.—have pledged over the past year to end funding for new drilling and exploration projects in the Arctic.
Alaska Sen. Dan Sullivan and a group of fellow Republican lawmakers, mostly from energy-producing states, have been lobbying the Trump administration to examine whether the federal government can prevent the banks from cutting off financing or punish them for doing so.
“These banks that get huge federal government support…cannot collude together to essentially blackball entire sectors of the U.S. economy,” Mr. Sullivan said in an interview ahead of the proposal.
Democrats criticized the proposal, saying it rested on a questionable legal foundation and isn’t likely to be effective.
“Lenders are realizing that a lot of these projects just aren’t financially viable, and no amount of government coercion is going to change that,” said Graham Steele, a former Democratic Senate staffer who is now director of the Corporations and Society Initiative at Stanford University’s Graduate School of Business.
Under the proposal, banks could still deny services to individual customers but would have to justify their decision by showing the person or business failed to meet “quantitative, impartial risk-based standards established by the bank in advance,” according to the proposal.
Wall Street has been pulling back from the oil-and-gas industry after years of poor returns from it and is under increasing pressure from environmentalists and others to limit fossil-fuel lending.
While broader market conditions during the coronavirus pandemic this year have dried up capital for new exploration, some analysts have said a lack of bank financing could deter drilling in the Arctic National Wildlife Refuge, which the administration opened to exploration in August.
Updated: 12-07-2020
We Don’t Need The OCC’s ‘Political Discrimination’ Rule
Big U.S. banks have long refused to lend to coal miners that use a mountaintop removal technique. Wells Fargo says it prohibits such lending because it recognizes the “elevated community concerns associated with the practice.”
Should banks like Wells Fargo be allowed to stop lending to an industry because of its impact on the environment or its lack of commitment to social justice? Doesn’t Wells Fargo have an obligation to be neutral?
J.P. Koning, a CoinDesk columnist, worked as an equity researcher at a Canadian brokerage firm and was a financial writer at a large Canadian bank. He runs the popular Moneyness blog.
This is the issue at the heart of a recent rule change proposed by Brian Brooks, acting head of the Office of the Comptroller of the Currency, or OCC, a key U.S. bank regulator. Brooks and OCC Chief Economist Charles Calamoris want to stop banks from “politically driven discrimination.”
Their rule would prevent bankers from using anything other than regular credit and operational criteria for evaluating a company seeking financial services.
The upshot? Wells Fargo would have to re-bank coal miners that practice mountaintop removal. Banks would also be required to restart lending to oil companies involved in exploring Alaska’s North Slope, a practice the likes of Wells Fargo, Citigroup and JPMorgan Chase have all promised to avoid. Nor would they be allowed to cave in to activists who call for account closures of groups they don’t like, say, like Planned Parenthood.
I disagree with the OCC’s proposed rule. The underlying motivations are good ones, especially in context of Operation Choke Point (see below). But I don’t think the U.S. needs it. It’s ironic that, in trying to depoliticize the banking system, the OCC is likely precluding greater diversity in service providers.
Operation Choke Point
Operation Choke Point was an Obama-era program that tried to sever unfavored industries from the banking system. In 2011 the Federal Deposit Insurance Corporation, or FDIC, a federal government body that supervises and examines U.S. banks, placed a number of perfectly legal business categories on its “high-risk” list.
One of these was payday lending, an industry that is often maligned for preying on a poor clientele. Internal FDIC emails voiced an intent to “get at payday lending” and to “find a way to stop our banks from facilitating payday lending.”
“We now have decentralized platforms where vilified but legal companies can go to secure financing.”
After several payday lenders sued the FDIC for violating their due process rights (the OCC’s Calomiris provided expert testimony), FDIC agreed to settle the dispute.
The regulator admitted that “certain employees acted in a manner inconsistent with FDIC policies” and issued a statement reiterating that carrying out its responsibilities rests on “laws and regulations, not on personal beliefs or political motivations.” And thus Operation Choke Point was shut down.
I think everyone can agree that Operation Choke Point was reprehensible. The core regulatory and central banking layers of the financial system stay must stay neutral. No matter what sorts of legal businesses banks choose as their customers, every bank should be granted equal access to the Federal Reserve’s core payments tools. Nor should FDIC officials be able to use its examination powers to favor businesses.
Fair Trade Bank Accounts
The problem with the OCC’s new fair access rule is that it has a huge blast radius. Yes, it would prevent future government-run choke points. But it would unnecessarily damage efforts by banks to shape their brands in ways that are designed to satisfy emerging consumer tastes.
The 21st century consumer wants to know more about the provenance of the things they buy. We don’t just want tuna, we want dolphin-friendly tuna. We don’t just want coffee, we want fair trade coffee. And we don’t want our T-shirts to be made in sweatshops with Xinjiang-grown cotton. We want ethical T-shirts.
This shift in consumer spending has migrated into finance. Think socially responsible indexes, green exchange-traded funds and activist investing. We see it in gold markets, too. The world’s main trading venue, the London Bullion Market, has set up a responsible supply chain that requires refiners to verify that miners safely use mercury and are not involved in human rights abuse.
In banking, loans are the fodder for creating safe deposits. So if a bank wants to attract modern consumers by setting up a clean supply chain (aka fair trade bank account) that means pruning source material for deposits, say coal miner loans.
But the OCC’s rule would block the entrance of this new consumerism into banking.
Is Banking Special?
The argument against allowing fair trade bank accounts is that “banking is special.” Brooks and Calomiris argue that government chartering and direct access to the Federal Reserve obligate banks to provide services to all companies. And so America must do without the banking versions of dolphin-safe tuna and organic milk.
But this downplays the competitiveness of the U.S. banking system.
If Wells Fargo chooses to avoid making a profitable loan to an Alaskan oil explorer because it wants to greenify its deposits, then Bank of America, Regions Financial or any other bank that isn’t quite so concerned will swoop in, make the loan and gobble up the forgone profits.
Nor are banks the only source of financing for firms. The U.S. has some of the deepest capital markets in the world. Our Alaskan explorer can issue commercial paper, junk bonds or equity. Or perhaps some enterprising intermediary, say a private equity firm, will find a way to break the Alaskan oil embargo by borrowing from Wells Fargo and lending the funds to the blacklisted entity.
Lastly, we don’t live in the same world we did five years ago. With the emergence of public blockchains like Ethereum, we now have decentralized platforms where vilified but legal companies can go to secure financing. Just create a token approved by the Securities and Exchange Commission and list it on a decentralized exchange. Voila, arctic oil drilling bought and paid for.
For those worried about accessibility, we don’t need the OCC’s new rule. To guard against future government-sponsored choke points, payday lenders have already demonstrated the best defense: the justice system. The OCC’s rule would only stifle the ability of banks to create new products for today’s discriminating customer. Surely, American finance is rich and diverse enough to handle fair trade bank accounts.
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Bitcoin Realized Market Cap Hits $100 Billion For The First Time (#GotBitcoin?)
Stablecoins Begin To Look Beyond The Dollar (#GotBitcoin?)
Bank Of England Governor: Libra-Like Currency Could Replace US Dollar (#GotBitcoin?)
Binance Reveals ‘Venus’ — Its Own Project To Rival Facebook’s Libra (#GotBitcoin?)
The Real Benefits Of Blockchain Are Here. They’re Being Ignored (#GotBitcoin?)
CommBank Develops Blockchain Market To Boost Biodiversity (#GotBitcoin?)
SEC Approves Blockchain Tech Startup Securitize To Record Stock Transfers (#GotBitcoin?)
SegWit Creator Introduces New Language For Bitcoin Smart Contracts (#GotBitcoin?)
You Can Now Earn Bitcoin Rewards For Postmates Purchases (#GotBitcoin?)
Bitcoin Price ‘Will Struggle’ In Big Financial Crisis, Says Investor (#GotBitcoin?)
Fidelity Charitable Received Over $100M In Crypto Donations Since 2015 (#GotBitcoin?)
Would Blockchain Better Protect User Data Than FaceApp? Experts Answer (#GotBitcoin?)
Just The Existence Of Bitcoin Impacts Monetary Policy (#GotBitcoin?)
What Are The Biggest Alleged Crypto Heists And How Much Was Stolen? (#GotBitcoin?)
IRS To Cryptocurrency Owners: Come Clean, Or Else!
Coinbase Accidentally Saves Unencrypted Passwords Of 3,420 Customers (#GotBitcoin?)
Bitcoin Is A ‘Chaos Hedge, Or Schmuck Insurance‘ (#GotBitcoin?)
Bakkt Announces September 23 Launch Of Futures And Custody
Coinbase CEO: Institutions Depositing $200-400M Into Crypto Per Week (#GotBitcoin?)
Researchers Find Monero Mining Malware That Hides From Task Manager (#GotBitcoin?)
Crypto Dusting Attack Affects Nearly 300,000 Addresses (#GotBitcoin?)
A Case For Bitcoin As Recession Hedge In A Diversified Investment Portfolio (#GotBitcoin?)
SEC Guidance Gives Ammo To Lawsuit Claiming XRP Is Unregistered Security (#GotBitcoin?)
15 Countries To Develop Crypto Transaction Tracking System: Report (#GotBitcoin?)
US Department Of Commerce Offering 6-Figure Salary To Crypto Expert (#GotBitcoin?)
Mastercard Is Building A Team To Develop Crypto, Wallet Projects (#GotBitcoin?)
Canadian Bitcoin Educator Scams The Scammer And Donates Proceeds (#GotBitcoin?)
Amazon Wants To Build A Blockchain For Ads, New Job Listing Shows (#GotBitcoin?)
Shield Bitcoin Wallets From Theft Via Time Delay (#GotBitcoin?)
Blockstream Launches Bitcoin Mining Farm With Fidelity As Early Customer (#GotBitcoin?)
Commerzbank Tests Blockchain Machine To Machine Payments With Daimler (#GotBitcoin?)
Man Takes Bitcoin Miner Seller To Tribunal Over Electricity Bill And Wins (#GotBitcoin?)
Bitcoin’s Computing Power Sets Record As Over 100K New Miners Go Online (#GotBitcoin?)
Walmart Coin And Libra Perform Major Public Relations For Bitcoin (#GotBitcoin?)
Judge Says Buying Bitcoin Via Credit Card Not Necessarily A Cash Advance (#GotBitcoin?)
Poll: If You’re A Stockowner Or Crypto-Currency Holder. What Will You Do When The Recession Comes?
1 In 5 Crypto Holders Are Women, New Report Reveals (#GotBitcoin?)
Beating Bakkt, Ledgerx Is First To Launch ‘Physical’ Bitcoin Futures In Us (#GotBitcoin?)
Facebook Warns Investors That Libra Stablecoin May Never Launch (#GotBitcoin?)
Government Money Printing Is ‘Rocket Fuel’ For Bitcoin (#GotBitcoin?)
Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)
Safeway Shoppers Can Now Get Bitcoin Back As Change At 894 US Stores (#GotBitcoin?)
TD Ameritrade CEO: There’s ‘Heightened Interest Again’ With Bitcoin (#GotBitcoin?)
Venezuela Sets New Bitcoin Volume Record Thanks To 10,000,000% Inflation (#GotBitcoin?)
Newegg Adds Bitcoin Payment Option To 73 More Countries (#GotBitcoin?)
China’s Schizophrenic Relationship With Bitcoin (#GotBitcoin?)
More Companies Build Products Around Crypto Hardware Wallets (#GotBitcoin?)
Bakkt Is Scheduled To Start Testing Its Bitcoin Futures Contracts Today (#GotBitcoin?)
Bitcoin Network Now 8 Times More Powerful Than It Was At $20K Price (#GotBitcoin?)
Crypto Exchange BitMEX Under Investigation By CFTC: Bloomberg (#GotBitcoin?)
“Bitcoin An ‘Unstoppable Force,” Says US Congressman At Crypto Hearing (#GotBitcoin?)
Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April (#GotBitcoin?)
Cryptocurrency Startups Get Partial Green Light From Washington
Fundstrat’s Tom Lee: Bitcoin Pullback Is Healthy, Fewer Searches Аre Good (#GotBitcoin?)
Bitcoin Lightning Nodes Are Snatching Funds From Bad Actors (#GotBitcoin?)
The Provident Bank Now Offers Deposit Services For Crypto-Related Entities (#GotBitcoin?)
Bitcoin Could Help Stop News Censorship From Space (#GotBitcoin?)
US Sanctions On Iran Crypto Mining — Inevitable Or Impossible? (#GotBitcoin?)
US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill In Congress (#GotBitcoin?)
EU Central Bank Won’t Add Bitcoin To Reserves — Says It’s Not A Currency (#GotBitcoin?)
The Miami Dolphins Now Accept Bitcoin And Litecoin Crypt-Currency Payments (#GotBitcoin?)
Trump Bashes Bitcoin And Alt-Right Is Mad As Hell (#GotBitcoin?)
Goldman Sachs Ramps Up Development Of New Secret Crypto Project (#GotBitcoin?)
Blockchain And AI Bond, Explained (#GotBitcoin?)
Grayscale Bitcoin Trust Outperformed Indexes In First Half Of 2019 (#GotBitcoin?)
XRP Is The Worst Performing Major Crypto Of 2019 (GotBitcoin?)
Bitcoin Back Near $12K As BTC Shorters Lose $44 Million In One Morning (#GotBitcoin?)
As Deutsche Bank Axes 18K Jobs, Bitcoin Offers A ‘Plan ฿”: VanEck Exec (#GotBitcoin?)
Argentina Drives Global LocalBitcoins Volume To Highest Since November (#GotBitcoin?)
‘I Would Buy’ Bitcoin If Growth Continues — Investment Legend Mobius (#GotBitcoin?)
Lawmakers Push For New Bitcoin Rules (#GotBitcoin?)
Facebook’s Libra Is Bad For African Americans (#GotBitcoin?)
Crypto Firm Charity Announces Alliance To Support Feminine Health (#GotBitcoin?)
Canadian Startup Wants To Upgrade Millions Of ATMs To Sell Bitcoin (#GotBitcoin?)
Trump Says US ‘Should Match’ China’s Money Printing Game (#GotBitcoin?)
Casa Launches Lightning Node Mobile App For Bitcoin Newbies (#GotBitcoin?)
Bitcoin Rally Fuels Market In Crypto Derivatives (#GotBitcoin?)
World’s First Zero-Fiat ‘Bitcoin Bond’ Now Available On Bloomberg Terminal (#GotBitcoin?)
Buying Bitcoin Has Been Profitable 98.2% Of The Days Since Creation (#GotBitcoin?)
Another Crypto Exchange Receives License For Crypto Futures
From ‘Ponzi’ To ‘We’re Working On It’ — BIS Chief Reverses Stance On Crypto (#GotBitcoin?)
These Are The Cities Googling ‘Bitcoin’ As Interest Hits 17-Month High (#GotBitcoin?)
Venezuelan Explains How Bitcoin Saves His Family (#GotBitcoin?)
Quantum Computing Vs. Blockchain: Impact On Cryptography
This Fund Is Riding Bitcoin To Top (#GotBitcoin?)
Bitcoin’s Surge Leaves Smaller Digital Currencies In The Dust (#GotBitcoin?)
Bitcoin Exchange Hits $1 Trillion In Trading Volume (#GotBitcoin?)
Bitcoin Breaks $200 Billion Market Cap For The First Time In 17 Months (#GotBitcoin?)
You Can Now Make State Tax Payments In Bitcoin (#GotBitcoin?)
Religious Organizations Make Ideal Places To Mine Bitcoin (#GotBitcoin?)
Goldman Sacs And JP Morgan Chase Finally Concede To Crypto-Currencies (#GotBitcoin?)
Bitcoin Heading For Fifth Month Of Gains Despite Price Correction (#GotBitcoin?)
Breez Reveals Lightning-Powered Bitcoin Payments App For IPhone (#GotBitcoin?)
Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software (#GotBitcoin?)
Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments (#GotBitcoin?)
JPMorgan Will Pilot ‘JPM Coin’ Stablecoin By End Of 2019: Report (#GotBitcoin?)
Is There A Big Short In Bitcoin? (#GotBitcoin?)
Coinbase Hit With Outage As Bitcoin Price Drops $1.8K In 15 Minutes
Samourai Wallet Releases Privacy-Enhancing CoinJoin Feature (#GotBitcoin?)
There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)
You Can Now Get Bitcoin Rewards When Booking At Hotels.Com (#GotBitcoin?)
North America’s Largest Solar Bitcoin Mining Farm Coming To California (#GotBitcoin?)
Bitcoin On Track For Best Second Quarter Price Gain On Record (#GotBitcoin?)
Bitcoin Hash Rate Climbs To New Record High Boosting Network Security (#GotBitcoin?)
Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Bitcoin’s Lightning Comes To Apple Smartwatches With New App (#GotBitcoin?)
E-Trade To Offer Crypto Trading (#GotBitcoin)
Bitfinex Used Tether Reserves To Mask Missing $850 Million, Probe Finds (#GotBitcoin?)
21-Year-Old Jailed For 10 Years After Stealing $7.5M In Crypto By Hacking Cell Phones (#GotBitcoin?)
You Can Now Shop With Bitcoin On Amazon Using Lightning (#GotBitcoin?)
Afghanistan, Tunisia To Issue Sovereign Bonds In Bitcoin, Bright Future Ahead (#GotBitcoin?)
Crypto Faithful Say Blockchain Can Remake Securities Market Machinery (#GotBitcoin?)
Disney In Talks To Acquire The Owner Of Crypto Exchanges Bitstamp And Korbit (#GotBitcoin?)
Crypto Exchange Gemini Rolls Out Native Wallet Support For SegWit Bitcoin Addresses (#GotBitcoin?)
Binance Delists Bitcoin SV, CEO Calls Craig Wright A ‘Fraud’ (#GotBitcoin?)
Bitcoin Outperforms Nasdaq 100, S&P 500, Grows Whopping 37% In 2019 (#GotBitcoin?)
Bitcoin Passes A Milestone 400 Million Transactions (#GotBitcoin?)
Future Returns: Why Investors May Want To Consider Bitcoin Now (#GotBitcoin?)
Next Bitcoin Core Release To Finally Connect Hardware Wallets To Full Nodes (#GotBitcoin?)
Major Crypto-Currency Exchanges Use Lloyd’s Of London, A Registered Insurance Broker (#GotBitcoin?)
How Bitcoin Can Prevent Fraud And Chargebacks (#GotBitcoin?)
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Zebpay Becomes First Exchange To Add Lightning Payments For All Users (#GotBitcoin?)
Coinbase’s New Customer Incentive: Interest Payments, With A Crypto Twist (#GotBitcoin?)
The Best Bitcoin Debit (Cashback) Cards Of 2019 (#GotBitcoin?)
Real Estate Brokerages Now Accepting Bitcoin (#GotBitcoin?)
Ernst & Young Introduces Tax Tool For Reporting Cryptocurrencies (#GotBitcoin?)
How Will Bitcoin Behave During A Recession? (#GotBitcoin?)
Investors Run Out of Options As Bitcoin, Stocks, Bonds, Oil Cave To Recession Fears (#GotBitcoin?)
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