06:12 AM EDT, 08/08/2025 (MT Newswires) -- US President Trump has signed an executive order to prevent "politicized or unlawful debanking," where financial institutions restrict individuals' or businesses' access to financial services based on their political or religious beliefs or lawful business activities, according to a Thursday statement from the White House.

The order calls for federal bank regulators to remove the use of reputation risk in financial institutions' risk assessment process and conduct a review to identify firms that have engaged in unlawful debanking, among others.

According to the White House, institutions found to have violated the order will be subject to remedial action that could include fines or other disciplinary measures.