Regulator shelves rule meant to force banks to serve oil, gun companies

BY SYLVAN LANE - 01/28/21 10:25 AM EST

• Cheney offers bill to prohibit suspension of oil, gas, coal leases

The OCC on Jan. 14 finalized its Fair Access rule, which was proposed in November to protect oil, natural gas and firearms companies from being spurned by banks. A slew of major banks have backed away from financing oil and gas drilling projects and firearm manufacturers in recent years, citing climate change and several mass shootings.

Republicans applauded the OCC for taking action to protect such companies, some comparing their woes to the centuries of financial discrimination faced by people of color in the U.S.

Democrats and advocates for big banks — two groups rarely on the same page — condemned the proposal as unnecessary, intrusive and shortsighted.