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Regulators say they rescinded 'reputational risk' language as lawmakers probe debanking claims
Summary
At a House hearing, OCC and Fed leaders told lawmakers they have eliminated 'reputational risk' from exam vernacular and are auditing past supervisory activity after allegations that prior guidance pressured banks to cut off lawful customers.
The committee pressed regulators on allegations of ‘‘debanking’’ and regulatory pressure against lawful industries. Ranking Member Maxine Waters opened with a pointed critique, saying she remained ‘‘outraged’’ about what she depicted as threats to independent supervision and a pattern that could harm consumers.
Comptroller Jonathan Gould told lawmakers the OCC is reviewing historical correspondence and complaints and has proposed a rule to eliminate ‘‘reputational…
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