ABA, Trade Groups Urge OCC to Extend Comment Period on Fair, Responsible Banking Proposal

After the OCC earlier this month issued a proposal stating that banks should provide access to services, capital and credit based on their risk assessment of individual customers and not make broad-based decisions that affect whole categories or classes of customers, the American Bankers Association joined three other trade groups last week in urging the agency to extend the comment deadline.

The groups noted that given the unprecedented nature of the proposal, as well as the potential consequences for financial institutions, the current Jan. 4 comment deadline does not provide industry stakeholders enough time to fully analyze, gather feedback and respond. The groups requested OCC extend the comment deadline by at least 30 days.

In addition, the groups requested that OCC immediately release the data and analysis it used to determine the expected costs of the rule. In the proposal, OCC said that the rule “would not result in an expenditure of $157 million or more annually by the state, local, and tribal governments or by the private sector.”