Trump bank regulator incurs Wall Street ire on his way out the door

SourceCNBC
SectorFinancial Services
CountryMiddle east

An oil pipeline stretches across the landscape outside Prudhoe Bay in North Slope Borough, AK on May 25, 2019.Bonnie Jo Mount | The Washington Post | Getty ImagesThe Office of the Comptroller of the Currency finalized a rule on Thursday that Wall Street's largest banks have strongly opposed since its proposal in November. The OCC's Fair Access to Financial Services rule was finalized a day after current OCC head Brian Brooks announced his resignation. The rule seeks to require banks to provide quantitative metrics proving the risks that lead them to deny services to potential clients.While some conservative think tanks and segments of industries that feel threatened by issues over which banks have increasingly denied services including lending — such as in energy, arms manufacturing, and agriculture — supported the rule, Brooks' last move on his way out the door is not just opposed by the largest banks, but faced widespread opposition from legal scholars and environmental, social and governance experts. Critics have referred to it as the "gunmaker's and oil drillers rule."The rule was proposed in November and public comments were due in by Jan.

4, a timeline that is shorter than the standard one and that critics contend ...read more...