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Lawmakers cite ‘debanking’ complaints; Powell says Fed wants to understand and address issues
Summary
Members and witnesses raised concerns that compliance enforcement and regulator pressure have prompted banks to cut off crypto firms and other customers. Powell said the Fed has heard many complaints, will examine patterns, and does not direct banks to deny lawful customers access.
Several members raised complaints that banks have closed accounts or declined relationships for crypto firms and other customers, sometimes citing compliance or enforcement concerns.
Powell said the Fed has observed many complaints and takes them seriously: “We wanna understand. We wanna take a fresh look at this area,” he said,…
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