OCC

The industry is asking for more time to comment on a regulatory proposal that aims to prohibit banks from denying services to oil and gas companies and other firms in politically sensitive industries.

The Office of the Comptroller of the Currency says JPMorgan Chase’s fiduciary unit lacked sufficient controls to manage risk and avoid conflicts of interest.

The agency said federal thrifts must abide by the same rules as national banks pertaining to membership in payment systems and codified policies on acceptable derivatives practices among a slew of technical changes.

Some large banks have come under fire from the GOP for curbing services to firms in controversial industries, such as firearms and fossil fuels. A proposal by the Office of the Comptroller of the Currency aims to block banks from taking such stances.

The Trump administration said it has picked Brian Brooks, who has led the Office of the Comptroller of the Currency in an acting capacity, to be considered by the Senate for a five-year term. But it is unclear whether he would stay on during the incoming administration of Joe Biden.