New White House Order Could Punish Banks for Dropping Customers Over Beliefs

The White House is preparing an executive order that would penalize banks for cutting off customers based on their beliefs, and direct regulators to investigate whether financial firms violated laws when closing accounts

The initiative could join a broader effort to promote stability in the crypto and fintech sectors

Is expected to be signed by President Donald Trump as early as this week. It would direct banking regulators to investigate whether financial firms violated the Equal Credit Opportunity Act or other consumer protection laws when closing accounts

The initiative is part of a broader push by the Trump administration to stop debanking, the practice of denying financial services for ideological reasons