Comptroller of Currency Examining Bank Bans on Arctic Oil Loans

The U.S. Office of the Comptroller of the Currency is scrutinizing the decision by several major banks to restrict financing for Arctic oil drilling projects, as it warns of the “perils of discriminating” against legal businesses.

The office will “take a serious look at these banks’ actions,” given federal laws that require banks to provide “fair access” to financial services, Acting Comptroller Brian Brooks said in a letter to Senator Dan Sullivan. “Decisions by major banks to deny the oil and gas sector, among other targeted industries, access to financial services may violate that statute.”

Sullivan, a Republican from Alaska, ...