Under fire from several regulators, U.S. banks increasingly are rejecting customers involved in activities that are legal but might attract government scrutiny, according to executives, consultants and lawyers, the Wall Street Journal reported today. The banks are sacrificing revenue from a broad array of customers, from marijuana merchants and payday lenders to virtual-currency companies, online gamblers and people who have been convicted of a crime, in order to play it safe. While the temptation to deal with certain businesses might be high, some banking-industry veterans said, it isn't worth provoking regulators or adding more resources to ensure that the clients are meeting industry standards.
