Hoeven issues statement on proposed rule to fair access to credit


Senator John Hoeven issued the following statement after the Office of the Comptroller of the Currency (OCC) issued a proposed rule that would ensure fair access to banking services provided by national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. Specifically, the rule would require larger banks, those with $100 billion or more in assets, to offer financial services to all customers “except to the extent that risk factors particular to an individual customer dictate otherwise.” In practice this rule would prevent banks from refusing banking services, including lending, to businesses and consumers based on anything other than creditworthiness, rather than arbitrarily denying financial services to entire industries.

“The Comptroller’s proposed rule will help ensure that credit-worthy businesses receive the banking services they need and are not subject to discrimination based on their industry or other factors,” said Hoeven. “We appreciate the Comptroller for working to prevent banking discrimination, and helping to ensure businesses are not refused serviced based on anything other than their creditworthiness.” 

Hoeven has joined efforts to prevent banks from discriminating against legal and compliant businesses. That includes joining a letter led by Senator Kevin Cramer to the leaders of the Treasury Department and Small Business Administration to ensure that lawful companies are not being discriminated against under the CARES Act. Additionally, the senator joined an effort led by Senator Dan Sullivan to raise the issue with the President.