OCC Pushes Through Final Gift to Oil and Gas Industry
OCC’s final rule requires banks to jump through additional administrative hoops in denying credit based on risk. Q3 2020 hedge fund letters, conferences and more BERKELEY, CA—Jan. 15, 2021—The Office of the Comptroller of the Currency (OCC) has finalized the Fair Access to Financial Services rule a day after current OCC head Brian Brooks announced his resignation. As global banks increasingly tighten credit to clients that pose significant climate risk, including coal projects and Arctic oil and gas projects, the OCC rule establishes new hurdles to banks exercising risk management. The OCC’s f...