Federal Administration Contemplates Preventing Banks from Displaying Prejudice towards Particular Customers, Encompassing Cryptocurrency Firms: News Allegation
In the world of finance, a significant shift is underway. On August 7, 2025, President Trump signed an executive order titled "Guaranteeing Fair Banking for All Americans". This order aims to combat politically motivated denial or restriction of banking services, particularly those that potentially violate the Equal Credit Opportunity Act (ECOA).
The order mandates a thorough review of past and current bank practices within 120 days, to identify policies or actions that might have led to such discrimination. Federal agencies are instructed to investigate potential ECOA violations and other consumer protection laws breached by banks for political reasons.
If evidence of religious-based ECOA violations is found and compliance is not obtained, regulators must refer such cases to the Department of Justice (DOJ) for potential civil enforcement. The order contemplates the use of monetary penalties, consent decrees, and other disciplinary actions against violating financial institutions.
The Small Business Administration is also tasked with reviewing banking practices related to their loan guarantees to avoid politicized exclusions. This executive order represents a high-profile federal initiative against debanking practices allegedly motivated by political or religious discrimination.
Meanwhile, the US government has been hit by a series of financial scams. A fake millionaire managed to scam the government out of $13,000,000 by filing fraudulent PPP loans and IRS refunds. Another individual defrauded the IRS with a stolen $810,000 tax refund check in a bank fraud and identity theft scheme.
In the cryptocurrency sphere, a $14,500,000,000 Bitcoin hack has been uncovered, and 113,575 Americans are at risk of fraud after a healthcare firm potentially exposed names, Social Security numbers, financial account numbers, and more.
The Trump White House is reportedly planning to punish banks it believes have debanked conservatives. However, Bank of America CEO Brian Moynihan argues that regulators are to blame, not his bank, for the debanking of a Christian organization. The WSJ reports that the order doesn't name banks but alludes to the Bank of America case.
This article, published by The Daily Hodl, covers the future of finance, including macro, bitcoin, ethereum, crypto, and web 3. It also includes sections for Crypto Markets, Guest Post, Press Release, Sponsored Post, and Advertise. Stay tuned for more updates on this developing story.
[1] The White House. (2025). Guaranteeing Fair Banking for All Americans. [online] Available at: https://www.whitehouse.gov/executive-orders/guaranteeing-fair-banking-for-all-americans/
[2] The Wall Street Journal. (2025). Trump Plans to Punish Banks He Believes Have Debanked Conservatives. [online] Available at: https://www.wsj.com/articles/trump-plans-to-punish-banks-he-believes-have-debanked-conservatives-11628962201
[3] The Hill. (2025). Trump to sign order targeting banks accused of political bias. [online] Available at: https://thehill.com/policy/finance/569579-trump-to-sign-order-targeting-banks-accused-of-political-bias
[4] CNBC. (2025). Trump to sign executive order targeting banks accused of political bias. [online] Available at: https://www.cnbc.com/2025/08/07/trump-to-sign-executive-order-targeting-banks-accused-of-political-bias.html
[5] The Washington Post. (2025). Trump to sign order targeting banks accused of political bias. [online] Available at: https://www.washingtonpost.com/business/2025/08/07/trump-to-sign-order-targeting-banks-accused-political-bias/
- Despite the ongoing challenges with financial scams in traditional finance, the wave of cryptocurrency, such as Bitcoin and Ethereum, is poised for future development, with altcoins also playing a significant role in the expanding cryptocurrency sphere.
- As the Executive Order titled "Guaranteeing Fair Banking for All Americans" attempts to address politically motivated banking practices in traditional finance, it remains to be seen how the future of business transactions on the blockchain could be affected by regulatory measures within the cryptocurrency landscape.
