Trump’s debanking order could create headaches for banks, sources say

[SVPete]

Trump’s debanking order could create headaches for banks, sources say

https://srnnews.com/trumps-debanking-order-could-create-headaches-for-banks-sources-say/

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.

I'm supposed to care that debanking banks will get "headaches" from the reg forbidding and punishing their former abuse? Cry me a river!

[SSG Snuggle Bunny]

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.

[SVPete]

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.

Proggies have their own "those people", people who might have voted for Trump, and especially people who work in Trump's administration.

[Ralph Wiggum]

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.

Fear and trepidation? The poor babies...

That's why you hire a competent finance and accounting staff. They (meaning people such as myself) deal with every new tax law change as it rolls out, year after year we have to adjust to little vagaries and otherwise miniscule and arcane rules and laws. It is part of the job.

It was absolutely petty for any financial institution to cow-tow to the any Presidential administration's edicts on all these social issues. And that goes for both sides.