White House readies order to fine banks for dropping customers for political reasons, WSJ reports
The order directs bank regulators to investigate whether any financial institutions might have violated the Equal Credit Opportunity Act.
The White House is preparing an executive order that would fine banks for dropping customers for political reasons, the Wall Street Journal reported on Aug 4.
The order directs bank regulators to investigate whether any financial institutions might have violated the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws, the Journal reported citing a draft text of the order.
The order, which could be signed as early as this week, provides for monetary penalties, consent decrees or other disciplinary measures against violators, the report added.
The order also directs regulators to strike policies they have that might have contributed to banks dropping certain customers and requires the Small Business Administration to review the practices of banks that guarantee the agency's loans, the Journal said.
Reuters could not immediately verify the report. The White House did not immediately respond to a Reuters request for comment. REUTERS
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