Tevel

World news, in Hebrew and English

US Treasury: Major Banks Allowed Politics to Influence Services

Official US findings indicate that major banks discriminated against customers for political reasons and restricted services to crypto firms.

The U.S. Treasury Building in Washington, D.C., 2017
The U.S. Treasury Building in Washington, D.C., 2017 · Photo: Sealy j · CC BY-SA 4.0 · Wikimedia Commons

Findings by the US Department of the Treasury and the Office of the Comptroller of the Currency (OCC) determined that the nation's largest banks allowed political considerations to affect who received banking services, CNBC and The Defiant reported. According to the reports, the findings may lend weight to President Donald Trump's claims that financial institutions discriminate against conservatives.

Concurrently, the regulator identified restrictive debanking policies at nine major US banks, which targeted digital-asset issuers and cryptocurrency exchanges, among others. Authorities are considering additional rules on the matter, but have not yet announced penalties against specific banks.

Sources: CNBC Markets, The Defiant

Generated automatically by the Tevel desk and labelled as such.