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The Office of the Comptroller of the Currency (OCC) included the Bank of Montreal and TD Bank among nine banks accused of having “denied, debanked and discriminated” against customers and businesses due to their political or religious beliefs. (The Logic)
Talking point: U.S. President Donald Trump ordered federal regulators last year to review whether financial institutions had engaged in “politicized or unlawful debanking,” which he said targeted the political right. The OCC report released Wednesday blamed “inexact reputational risk policies and processes.” For the Canadian banks, this included services for clients in the firearms sector. BMO referred The Logic to a statement by the U.S. Bank Policy Institute, which welcomed efforts to “prioritize supervisory attention on material financial risk and rather than reputational risk.” TD did not immediately respond to a request for comment.
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