Fair Access to Financial Services (OCC-2020-0042-0001) -

Imperial Citizen

For the Empire!
kiwifarms.net
Hate to be the bearer of bad news: https://www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-14.html
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it has paused publication of its rule to ensure large banks provide all customers fair access to their services.

The agency proposed the rule in November 2020 to codify more than a decade of OCC guidance stating that banks should conduct risk assessments of individual customers, rather than make broad-based decisions affecting whole categories or classes of customers, when providing access to services, capital, and credit.

Pausing publication of the rule in the Federal Register will allow the next confirmed Comptroller of the Currency to review the final rule and the public comments the OCC received, as part of an orderly transition.

The OCC’s long-standing supervisory guidance stating that banks should avoid termination of broad categories of customers without assessing individual customer risk remains in effect.
They probably will gut it or take out the part that would allow banks to refuse access from oil and gun companies. Silver lining could be that whatever they do allows individuals or smaller businesses to access banks, but it is all up in the air.
 

The Good Nigger

kiwifarms.net
I do not know where Null heard that information
On twitter. Screenshot is highlighted in this thread:
Link (Archive).

He read the title and took it at face value - the tweet is literal fake news though.
Nowhere in the article it quotes anything from Biden or anyone else related to WH. The gist of the piece is that "they" are expected to fuck with the rule - which is a reasonable thing to expect.

And I'm 100% sure Biden's people *will* try to ratfuck it, even if they are avoiding to take explicit stance for the most part.

There are a bunch of other articles on the subject - but they all quote "anonymous sources" or twitter analysts - nothing as concrete as the update from Imperial Citizen.

That's pretty much the first update worth talking about.

Articles generally suggest they are going to:
1) [X] Put the rule on hold before it goes into force on April 1st
2) [ ] While it's on hold they will either amend it until its toothless or the new comptroller will just repeal it.
 

Astral Alley

kiwifarms.net
Articles generally suggest they are going to:
1) [X] Put the rule on hold before it goes into force on April 1st
2) [ ] While it's on hold they will either amend it until its toothless or the new comptroller will just repeal it.
Yeah unfortunately it looks like step one was done yesterday: OCC halts publication of 'fair access' rule | American Banker
OCC Puts Hold on Fair Access Rule | OCC
Pausing publication of the rule in the Federal Register will allow the next confirmed Comptroller of the Currency to review the final rule and the public comments the OCC received, as part of an orderly transition.

The OCC’s long-standing supervisory guidance stating that banks should avoid termination of broad categories of customers without assessing individual customer risk remains in effect.
 

MarvinTheParanoidAndroid

This will all end in tears, I just know it.
True & Honest Fan
kiwifarms.net
The fact they paused it isn't good news but it hasn't been axed just yet. We'll see what the new Comptroller thinks, his predecessor should've seen it through instead of pulling that fucktarded mic drop, leaving something this fragile in unknown hands.
It was probably best the Coinbase guy mic dropped. He would have been asked to resign anyway because he was from the last administration. Resigning give the new comptroller plausible deniability that the rule isn't solely the agenda of the last administration.

I hope "paused" isn't code for canceled by we don't want to admit it just yet.
 

X Prime

The Derivative
kiwifarms.net
It means they stopped it to examine it first, but that could just be a pocket veto. The previous admin's comptroller couldn't have been forced out, he should've seen it through to the end.
I think his entire life would have been destroyed if he had. Unfortunately, he made the best decision for himself.
 

DeadFish

I've may have made some mistakes...
kiwifarms.net
Traditional Islam is unironically a better option than global dystopia, so I wouldn't oppose.
Yeah it was a half baked suggestion. Got laughed at. Fuck it. Yet it is a system of banking thats serious anti global homo and has wide spread support
 
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