Yesterday President Trump issued an Executive Order (full text) titled Guaranteeing Fair Banking for All. The Executive Order requires banking agencies to take steps to prevent, and to remedy past, “politicized or unlawful debanking.” The Order provides in part:
The term “politicized or unlawful debanking” refers to an act by a bank … or other financial services provider to … adversely restrict access to, or adversely modify the conditions of, accounts, loans, or other banking products or financial services … on the basis of the customer’s or potential customer’s political or religious beliefs, or on the basis of [their] … lawful business activities that the financial service provider disagrees with or disfavors for political reasons.