WASHINGTON, D.C. — U.S. Senator Cynthia Lummis (R-WY) released the following statement on today’s finalization of the OCC’s Access to Financial Services Rule:
“I stand with the Office of the Comptroller of the Currency (OCC) in its laudable efforts to remove politics from our banking system. The ability to get a bank account or a loan is essential, and every legal business in our country should have access to financial services. The damaging legacy of Operation Chokepoint remains today and the OCC rule is an important step towards ensuring banking regulators don’t judge a book by its cover. This is especially important to Wyoming, as our economy is anchored in the energy, agriculture, and digital asset industries.
“Both regulators and banks must take a holistic, risk-based approach to supervision and customer relationships. While many aspects of Dodd-Frank continue to be problematic, it is the law, and it contains a mandate that banks must assess potential customers based on objective, individual circumstances.
“I look forward to working with our state and federal financial regulators and industry to ensure financial services policy is based on the opportunities and risks to our economy, not ideology.”
More information on this rule and the OCC’s decision can be found here: https://www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-8.html