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NEW YORK (Reuters) -U.S. President Donald Trump’s executive order requiring banks not to discriminate against clients on political or religious grounds could create uncertainty and administrative headaches for the industry, sources said.Trump signed an executive order on Thursday directing the Treasury Department and bank regulators to ensure lenders do not have policies in place that deny services to customers based on political or religious beliefs, a practice known as “debanking.” Any wrongdoing uncovered could result in fines, disciplinary measures, and even referrals to the Justice Department....Banks have earlier said that certain decisions to close accounts were based on rules around reputational risk, a criterion that has been banned by Trump’s order.The order also gave regulators about 180 days to conduct their review. While some lenders welcomed the order for its potential to streamline processes, they also expressed concerns about how onerous it could be to comply with the order. The scope and zeal with which regulators carry out Trump’s directions are still unclear and causing some trepidation, experts and industry officials said.
Civil rights law forbidding discrimination based on race poses problems for lunch counters whose patrons don't want to sit next to one of "those people."...Just wanted to see how that looks.
