President Trump has issued an executive order (Guaranteeing Fair Banking for All Americans) instructing federal banking regulators to investigate and penalize instances of “debanking”: the practice of closing or denying bank accounts based on political or religious beliefs, or for engaging in lawful business activities. Rumors had been circulating that
Trump issues executive order targeting debanking
The order, mandates a crackdown on “debanking” and ends the use of reputational risk in regulatory oversight.