Trump’s ‘Debanking’ Executive Order

Trump’s ‘Debanking’ Order Raises Questions for Lenders

Days after accusing JPMorgan Chase and Bank of America of discriminating against him and other conservatives, President Donald Trump issued an executive order directing the Treasury Department and bank regulators to ensure that lenders aren’t denying services to customers based on political or religious grounds, a practice known as “debanking.”

Some industry participants said the order raised many questions.

“There are words in the executive order which can be open to interpretation,” said Matt Bisanz, a partner at Mayer Brown, an international law firm that represents major financial institutions. “It’s not even clear if there will be regulations or just guidance, which will be enforced through the bank exam process or will be handled in a quiet, non-public manner,” he added. (REUTERS)

—Compiled by SNCJ Managing Editor KOREY CLARK

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