Trump’s White House reportedly set its sights on the punishment of banks that it thinks has degraded conservatives.
The Wall Street Journal says that it has revised a draft -executive order that bank rulers would instruct banks that may have violated the Equal Credit Opportunity Act.
Regulators would also be assigned to investigate whether the financial institutions have violated antitrust and/or financial protection laws for consumers.
Anonymous sources “familiar with the issue” tell the WSJ that President Donald Trump could pass the order this week.
The order that offenders would subject to fines does not mention banks, but is said to refer to a case in which Bank of America would have debit a Christian organization about its religious beliefs. Bofa says it has concluded the organization’s account because it does not offer services to small companies that are active abroad.
Bofa CEO Brian Moynihan argued in an interview with Face the Nation on the weekend that the supervisors are the fault, not his bank.
“We have 70 million consumers and we are one of the largest small business lenders. So it is not. The issue they are focused on is the impact of the supervisors on this industry, and you have heard senator [Tim] Scott is talking about this this week. This reputation, this after-it-fee that you have had X, and now, you are now going to say that X has not shown what you thought, so we look at it, we look at it based on risk. “
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