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Take Trump’s De-Banking Threats Seriously, Former Regulators Advise

Banks must take President Donald Trump's directive on financial services seriously, analysts told ACAMS moneylaundering.com, even if his claim that they have systematically denied accounts to his supporters and other politically right-leaning individuals does not hold water. In an executive order on Aug. 7, Trump directed the Small Business Administration to notify banks that they must make a "reasonable effort" to reacquire customers they unfairly dropped. Trump further directed federal regulators to identify all banks that previously employed, or still employ, unfair de-risking policies and consider taking disciplinary action against them. Carlton Greene, an attorney with Crowell & Moring in...

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