Algorithmic debanking

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Opinion: Debanking innocent Americans should be illegal​

Republican and Democratic leaders agree: Closing the bank accounts of Americans for no apparent reason is wrong.

In recent years, major banks have begun the quiet, calculated and often callous closing of bank accounts belonging to honest, law-abiding Americans — typically without warning, cause or recourse.

More:

https://www.msn.com/en-us/money/per...hould-be-illegal/ar-AA1IvUxJ?ocid=socialshare

 

[pmbug]

The article says Congress got thousands of complaints per major bank. That's a much bigger issue than we might have guessed from anecdotes here and there.

 

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White House Preps Order to Punish Banks That Discriminate Against Conservatives​

The White House is preparing to step up pressure against big banks over perceived discrimination against conservatives and crypto companies with an executive order that threatens to fine lenders that drop customers for political reasons.

A draft of the executive order, which was viewed by The Wall Street Journal, directs bank regulators to investigate whether any financial institutions might have violated the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws.

More:

https://www.msn.com/en-us/money/com...st-conservatives/ar-AA1JUey5?ocid=socialshare

 

[pmbug]

^^ That sounds nice, but I would rather they just remove the subjective criteria that allows banks and their regulators the opportunity to debank actors at will.