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The White House is reportedly preparing an executive order to impose sanctions on banks that discriminate against or disadvantage customers for political and religious reasons, according to the Wall Street Journal (WSJ).
Notably, the executive order is said to require banks to revise their guidelines to ensure that certain industries, such as the virtual asset sector, are not excluded on the grounds of 'customer reputation risk.'
Financial authorities will investigate whether financial institutions violate laws such as the Credit Equality Opportunity Act, the Antitrust Act, and the Consumer Financial Protection Act. If violations are confirmed, penalties such as fines and consent orders can be imposed.
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