At the World Economic Forum last month, President Donald Trump was right to elevate the plight of businesses and consumers losing access to banking. The rise of “debanking” is a serious issue. Fortunately, President Trump can work with Congress to find a solution that benefits both consumers and banks.
Banks, like all businesses, want certainty. So do customers. But Washington has left both hung out to dry with outdated laws, heaps of regulation and no transparency requirements on increasingly aggressive regulators. The result is a banking industry perversely incentivized to close customers’ accounts – sometimes without the ability to even discuss their decisions with impacted customers.
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