New Executive Order Raises Spotlight On Debanking

As anticipated, on August 7^th, the White House published its Executive Order designed to address the "unlawful debanking" of certain individuals and industries. The Executive Order titled Guaranteeing Fair Banking For All Americans was issued to ensure banking decisions are made on the basis of "individualized, objective, and risk-based analyses" and not as a "tool to inhibit...beliefs, affiliations, or political views." Issuance of the Order is in response to claims by some individuals and businesses that banking services have been denied or terminated either due to their political or religious beliefs or for "reputational risk" concerns to the institution. Certain business types that have been identified in the "debanking" context include businesses in the firearms, gas and oil, and cryptocurrency industries.