Regulator finalizes rule forcing banks to serve oil, gun companies

The Office of the Comptroller of the Currency (OCC) on Thursday finalized a controversial rule banning large banks from rejecting businesses based on their industry.

The move comes less than two months after the agency first proposed the regulations.

The rule makes it illegal for any bank regulated by the OCC with more than $100 billion in assets to reject a customer for reasons other than financial risk. Supporters and critics of the rule both say it is intended to prevent more banks from joining those who’ve stopped serving firearm companies and financing oil and gas drilling projects.

“As Comptrollers and staff in previous administrations have made clear in speeches, guidance, and testimony, banks should not terminate services to entire categories of customers without conducting individual risk assessments,” said Acting Comptroller Brian Brooks, who announced Wednesday he will leave the agency on Thursday.