White House is preparing a new executive order that would target financial institutions that close customer accounts based on political views.
According to a report from The Wall Street Journal, the order will direct federal bank regulators to investigate banks for potential violations of laws like the Equal Credit Opportunity Act and antitrust or consumer protection regulations. Institutions found to be in violation could face penalties, including monetary fines and other disciplinary actions.
The directive goes beyond just punishing misconduct. It will also require regulators to review and eliminate any policies that might encourage this kind of discriminatory behavior in the first place.
Additionally, the Small Business Administration (SBA) will be tasked with reviewing banks that offer SBA-guaranteed loans to ensure they are not unfairly discriminating against loan applicants. The move is part of a broader effort to ensure fairness and prevent political bias in the financial services industry.
August 2025, Cryptoniteuae