The OCC proposed a rule that would codify existing guidance to ensure that national banks and federal savings associations offer fair access to financial services. Proposed OCC Rule 55.1 ("Fair Access to Financial Services") would require, among other things, that each U.S. bank that is regulated by the OCC with at least $100 billion in total assets offers its financial services (including financial products) on "proportionally equal terms" to all persons in the geographic location it serves. Additionally, the proposed rule would prohibit a "covered bank" from denying any person a financial service that it offers, if:
- the denial is not justified by such person's failure to meet "quantitative, impartial risk-based standards" that are set in advance by the bank;
- the denial (i) prevents, limits or disadvantages such person from participating in a market or business segment or (ii) works to the advantage of another person or business activity; or
- the denial is in coordination with other covered banks.
Comments on the proposal must be submitted on or before January 4, 2021.
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