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President Trump issued an executive order on Thursday that directs federal agencies to investigate whether banks and credit unions denied services to customers because of their political beliefs or because they were engaged in certain business activities, such as cryptocurrency.
In addition, the order directs agencies to rescind rules and regulations that caused financial institutions to deny services to categories of customers, in particular rules related to reputational risk.
The order directs agencies to investigate financial institutions for possible violations of the Equal Credit Opportunity Act, antitrust statutes or consumer protection laws, and to take disciplinary action if necessary, according to the White House. It accuses some financial institutions of participating in government-directed surveillance programs targeting the political right. It also accuses bank regulators of using “supervisory scrutiny and other influence over regulated banks to direct or otherwise encourage politicized or unlawful debanking activities.”