Banks could soon face federal penalties for cutting off conservative or crypto clients for political reasons under a forthcoming executive order, The Wall Street Journal reported Monday.
According to a draft order spearheaded by the White House, bank regulators would investigate whether financial institutions violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws. Violators could face monetary penalties, consent decrees, or other disciplinary measures.
President Donald Trump could sign the EO as early as this week, according to people familiar with the matter, but the timing is subject to change.
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