The Trump administration is reportedly moving to address allegations that major banks are discriminating against certain groups and cryptocurrency firms with an executive order that could impose heavy penalties on financial institutions found to be refusing service based on political or ideological grounds.
A draft of this order, obtained by The Wall Street Journal, instructs regulators to investigate whether any banks are breaching laws like the Equal Credit Opportunity Act, antitrust regulations, or consumer protection rules. If violations are found, penalties could include fines, consent decrees, or other measures.
While the order is expected to be signed soon, possibly within the week, sources suggest that it could be delayed or modified before being finalized.
Although the draft does not specifically name any institutions, it does appear to reference a situation where Bank of America allegedly shut down the accounts of a Christian organization, that provided aid to Uganda, due to its religious beliefs.
