Office of the Comptroller of the Currency Finalizes Non-Discrimination Rule

NRA-ILA 100-dollar bill
Office of the Comptroller of the Currency (OCC) finalized an NRA-supported rule to end politically-motivated discrimination. IMG NRA-ILA

U.S.A. -(AmmoLand.com)- On January 14, the Office of the Comptroller of the Currency (OCC) finalized an NRA-supported rule to end politically-motivated discrimination in the provision of financial services. The new regulation is now set to take effect on April 1.

As we reported last month, the rule follows a long pattern of banks refusing or curtailing service to lawful industries that have been targeted by political activists in and outside of the government. These have included businesses in the firearm and ammunition sectors.

Banks have tried to justify these actions against viable, financially-sound customers on the basis of “reputation risk.” That is, even though the customers’ own financial houses are in good order, the bank insists it could suffer possible adverse consequences by transacting with them from angering those who oppose the customer’s products or activities.

Taken to its logical extreme, however, this means that the only businesses allowed to operate in the private sector would be those deemed acceptable by the social grievance lobby, which continually expands its targets and its demands. This small, vocal minority – whose members disproportionately come from elites in technology, media, entertainment, and academia – does not necessarily represent the will of the free market generally or of the body politic.

Nearly 7,000 comments were submitted in response to the rulemaking, including many by financially-sound firearm-related businesses that nevertheless have had difficulty finding or maintaining banking relationships.

The NRA submitted its own comment to the rulemaking, noting, “Some of the most shameful episodes in our nation’s history have arisen from the systematic exclusion of certain American citizens from participation in the financial markets.” It wasn’t just the ends sought by these tactics that were illegitimate and immoral, the comment argued, but the tactics themselves.

The NRA’s comment also detailed how Second Amendment related businesses were specifically targeted by the Obama/Biden administration under Operation Choke Point, a government program that pressured banks to drop or curtail businesses with disfavored industries.

Once that wrongdoing was brought to light and discontinued, however, private activists put their own pressure on banks, insisting that they drop gun-related businesses or establish “best practices” for gun industry customers that mirror the terms of longstanding but unsuccessful gun control proposals.

The comment additionally made the point that the handful of large national banks that would be affected by the rule enjoy considerable government subsidies and protections that limit the ability of new competitors to enter the market and challenge the dominance of the existing banks. These included, of course, massive taxpayer-funded bailouts following the financial crisis of 2008.

The NRA’s comment further explained that activists would not lose their voices under the rule and could continue to advocate for whatever positions they support through other means, including through the legislatures and courts, which feature more deliberative and constitutionally-answerable procedures.

The finalized rule keeps intact the provisions most relevant to discrimination against Second Amendment related companies. In particular, it would require covered banks to provide fair access to all the products they offer to law-abiding customers who are able to satisfy predetermined “quantitative, impartial risk-based standards.” It would also prohibit the banks from coordinating with others to “deny … any person a financial service the covered bank offers.”

The new rule comes at a time when a variety of private institutions are making sweeping decisions to limit transactions with industries or even lone individuals that have incurred the wrath of political activists.

The OCC rulemaking draws a hard line at the use of financial exile as a political maneuver. Any American who believes in the basic principles of fairness and non-discrimination should welcome it.


About NRA-ILA:

Established in 1975, the Institute for Legislative Action (ILA) is the “lobbying” arm of the National Rifle Association of America. ILA is responsible for preserving the right of all law-abiding individuals in the legislative, political, and legal arenas, to purchase, possess, and use firearms for legitimate purposes as guaranteed by the Second Amendment to the U.S. Constitution. Visit: www.nra.org

National Rifle Association Institute For Legislative Action (NRA-ILA)

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JNew
JNew
2 months ago

NRA… doing something meaningful and timely? We are living in strange times.

swmft
swmft
2 months ago

guess im old school back to gold and silver if silver is cheeper than copper silver bullets

Tionico
Tionico
2 months ago
Reply to  swmft

One good reason to keep plenty of silver about. It is a very versatile metal

nrringlee
nrringlee
2 months ago

The Harris/Biden regime will be on a tear to quickly disconnect the firearms industry from banking and e-commerce. They missed their chance under the Obama regime. They will not miss this chance. Stand by for heavy rolls.

Mystic Wolf
Mystic Wolf
2 months ago
Reply to  nrringlee

You can bet your boots that they are going to attack the 2nd Amendment in full force! They already have a number of bills that will not only take the second amendment and shred it but make illegal for the people to even own large types of firearms, LOOK UP SB 5717 that monstrosity gets rid of everything, pistols rifles even slingshot, it completely disarms this nation including the police. But it leaves the criminals with their guns and ammo.

Tionico
Tionico
2 months ago
Reply to  Mystic Wolf

they can huff and puff and even blow the house down, byt they ain’t a gonna git enough guns out of the hands of enough people to be able to rest easy at night. That pesky Second article is only words on paper, it it NOT the actual right. God gave us that along with our breath. These thinckheads can’t seem to grok that principle. Enough of us out here do, though.

WI Patriot
WI Patriot
2 months ago

Green Money Matters…

Finnky
Finnky
2 months ago
Reply to  WI Patriot

Digital money matters more

WI Patriot
WI Patriot
2 months ago
Reply to  Finnky

Hardly, when the “digital” disappears, so does the $$$…chew on that for a bit…

86_46_ASAP
86_46_ASAP
2 months ago
Reply to  WI Patriot

Bullseye, part of the reason they want to eliminate cash.

Mystic Wolf
Mystic Wolf
2 months ago
Reply to  86_46_ASAP

Under a squid-pro-joe and kamawhamadingdong regime this country will become another venezuela except on a much grander scale

JoeUSooner
JoeUSooner
2 months ago
Reply to  Mystic Wolf

“Quid-pro Joe” and his “Kameltoe ho” are the very definition of a free society’s (a Constitutional Republic’s) domestic enemy. Think about it….

Arny
Arny
2 months ago
Reply to  Finnky

At this point & time you’re correct. The writing is on the wall. Not that it is right. But this is where we are. Look at the price of bitcoin. Look at the price of gold, oil, dollar. Compare them.

RJL
RJL
2 months ago
Reply to  Finnky

NWO Government control without accountability. The Rothchild’s aren’t counting digital currency in their vaults, but their gold and silver, etc.. holdings… What is good for me is not for thee…
First the money then the food… I am glad to know local farmers, just incase.