POINT OF CLARIFICATION: "The OCC does not recommend or encourage banks to engage in the wholesale termination of categories of customer accounts," says Daniel Stipano, the agency's deputy general counsel.

Bank Regulators Respond to 'Choke Point' Critics

The FDIC, OCC and Federal Reserve all plan to testify Tuesday that banks, not their regulators, are ultimately responsible for deciding who is an appropriate customer.

To continue, please log in, register or subscribe.
Already a subscriber? Log in here
Please note you must now log in with your email address and password.

Already a subscriber? Log in here
Please note you must now log in with your email address and password.