OCC Halts Fair Access Banking Rule

• Brooks' so-called "fair access" rule sought to prohibit federally chartered banks from denying financial services such as lending to would-be clients on political or ideological grounds.
• While the rule never mentioned cryptocurrencies, it came as welcome news to businesses in the space, which have long struggled to obtain or keep bank accounts in the U.S.
• The OCC rushed to finalize the rule before the end of President Donald Trump's term, but it was never published in the federal register, leaving it vulnerable to bureaucratic maneuvering.
• Proponents have claimed the rule was a necessary check on politically motivated financial exclusion. Detractors have blasted the proposal for being far from fair.
• The next OCC head will review the rule once he or she is confirmed, OCC said in a statement.

OPINION: We Don’t Need the OCC’s ‘Political Discrimination’ Rule