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On its way out the door, the Trump Administration is trying to do a big favor for Big Oil, making it a crime for banks to refuse loans to polluters. We need your help to stop it.

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Dear Acting Comptroller Brooks:

I am deeply disturbed by the Office of the Comptroller of the Currency’s proposed rule on “Fair Access to Financial Services,” Docket ID OCC-2020-0042.

It is incumbent upon financial regulators to take seriously the risk of climate change poses to our economy and investors. The proposed rule would do the opposite. Instead of using its authorities to block prudent action in response to the financial risk of climate change, the OCC should integrate climate risk into all of its regulatory and supervisory activities.

In addition to perpetuating the growing physical risk of climate-fueled disaster, loans to the increasingly precarious fossil fuel industry present a risk to our financial system as a whole. Citing dubious concerns about “discrimination” that were nowhere present in recently finalized changes to the Community Reinvestment Act, the OCC is engaging in a campaign of political intimidation against banks responding to climate risk and choosing to write loans accordingly. This is a dangerous and unacceptable role for an independent regulator to play.

Thank you,
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