The White House is preparing an executive order to crack down on banks accused of dropping customers due to their political or religious beliefs or ties to cryptocurrency, the Wall Street Journal reported Monday.

A draft of the executive order obtained by the Journal directs regulators to investigate potential violations of the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws. Banks found in violation allegedly could face fines, consent decrees or other penalties.

The order could be signed as soon as this week, the Journal reported, according to people familiar with the matter.

While the draft doesn’t single out specific banks, the Journal said it “appears to refer to an instance where Bank of America was accused of shutting down the accounts of a Christian organization operating in Uganda based on the organization’s religious beliefs. The bank has said it shut down the accounts because it doesn’t serve small businesses operating outside the U.S.”

The draft also takes aim at banks involved in the investigation of the Jan. 6, 2021, Capitol riot.

Conservatives have long claimed banks deny them services for political or religious reasons, while crypto firms say they were excluded from banking under the Biden administration.

In recent months, banks have sought to avert federal action by meeting with Republican attorneys general and revising policies to state they do not discriminate based on political affiliation.

The draft order instructs regulators to eliminate policies that may have led to customers being dropped and directs the Small Business Administration to examine the practices of banks that guarantee their loans. It also authorizes regulators to refer some violations to the attorney general.

The Trump administration has pushed for the expanded use of cryptocurrency in mortgages. A new bill introduced in the Senate last week would require Fannie Mae and Freddie Mac to consider unconverted digital assets in mortgage underwriting. Sen. Cynthia Lummis (R-Wyo.) introduced the legislation, known as the 21st Century Mortgage Act

S.B. 2471 is a response to a directive from Bill Pulte, the director of the Federal Housing Finance Agency (FHFA). Pulte recently instructed the government-sponsored enterprises (GSEs) to consider unconverted cryptocurrencies “that can be evidenced and stored on a U.S.-regulated centralized exchange subject to all applicable laws.”

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