The executive order draft calls for regulators to investigate banks for potential violations of the Equal Credit Opportunity Act, antitrust laws, and consumer protections. Banks found in violation may face fines or penalties. The order addresses concerns about banks denying services based on political or religious beliefs and targets financial firms involved in scrutiny related to the Jan. 6 Capitol riot. It also directs an examination of small loan guarantees and emphasizes fair practices in banking. Additionally, recent legislation aims to include cryptocurrency in mortgage underwriting requirements for Fannie Mae and Freddie Mac.
The executive order directs regulators to investigate potential violations of the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws. Banks may face fines or penalties if found in violation.
Concerns have been raised regarding banks denying services for political or religious reasons, with conservatives expressing ongoing frustrations and accusations against financial institutions.
The draft order instructs regulators to eliminate policies that may have led to customers being dropped and directs the Small Business Administration to examine the practices of banks that guarantee their loans.
Legislation introduced in the Senate aims to require Fannie Mae and Freddie Mac to consider unconverted digital assets in mortgage underwriting, promoting the expanded use of cryptocurrency.
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