The White House is preparing an executive order that would fine banks for dropping customers for political reasons, The Wall Street Journal’s Dylan Tokar and Alexander Saeedy report. The order directs regulators to investigate potential violations of credit, antitrust, and consumer protection laws by financial institutions. Banks found in violation of the Equal Credit Opportunity Act could be subject to monetary policies, consent decrees, or other disciplinary measures, according to a draft of the executive order viewed by The WSJ. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
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