A new federal rule intended to prevent large banks from denying loans to companies in the oil and gas industry and other sectors that have fallen out of favor with some institutional investors because of environmental and social concerns represents a win for energy companies. But it may prove short-lived.

Joe Biden

The “fair access” rule, finalized on Jan. 14 by the Office of the Comptroller of the Currency (OCC) and slated to take effect April 1, attempts to bar banks with more than $100 billion in assets from refusing to finance certain business projects. Citing environmental concerns, for example, Wells Fargo & Co., J.P. Morgan Chase & Co. and other major U.S. lenders have said they will no longer finance drilling in the Arctic National Wildlife Refuge. Banks have also recently...