Daniel P. Stipano quoted in Wall Street Journal article, “Banks’ arctic financing retreat rattles oil industry”
Wall Street JournalDaniel P. Stipano
Daniel P. Stipano was quoted on October 8, 2020, in a Wall Street Journal article, “Banks’ arctic financing retreat rattles oil industry,” which examined the refusal of major banks to finance new Artic-drilling projects, and whether regulators, including the Office of the Comptroller of the Currency, would consider these actions as violations of federal law.
Stipano noted, “The fair access provision applies to the OCC itself, not individual lenders. Because financial institutions’ decisions to curtail lending don’t necessarily violate the statute, the OCC is limited in its ability to push banks to provide credit to certain industries or projects. At the end of the day, the OCC’s only ability to compel a bank to do anything is through enforcement actions, but those have to be based on legal violations or unsafe and unsound practices.”
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