The United States Office of the Comptroller for the Currency (OCC) has delivered the preliminary results of an investigation into large U.S. banks and the practice of “debanking” customers based on ideology. [PDF HERE]
Between 2020 and 2023, the OCC found that JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., U.S. Bancorp, Capital One Financial Corp., PNC Financial Services Group Inc., Toronto-Dominion Bank, and Bank of Montreal, all maintained policies that restricted legal companies from access to banking based on the “values” of the bank.
According to the OCC report, “these nine banks made inappropriate distinctions among customers in the provision of financial services on the basis of their lawful business activities by maintaining policies restricting access to banking services or requiring escalated reviews and approvals before providing certain customers access to financial services.”
Press Release – […] The Office of the Comptroller of the Currency (OCC) today released preliminary findings from its supervisory review of debanking activities at the nine largest national banks it supervises: JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank.
The OCC conducted its supervisory review in accordance with the President’s Executive Order “Guaranteeing Fair Banking for All Americans” to determine whether these institutions debanked or discriminated against any customers or potential customers on the basis of their political or religious beliefs or lawful business activities.
“The OCC is committed to ending efforts – whether instigated by regulators or banks – that would weaponize finance,” said Comptroller of the Currency Jonathan V. Gould. “Although our work continues, the OCC is today providing visibility into the debanking actions against customers and lawful businesses taken by the nation’s largest banks to ensure public awareness, and to halt these harmful and unfair practices.”
The OCC’s preliminary findings show that, between 2020 and 2023, these nine banks made inappropriate distinctions among customers in the provision of financial services on the basis of their lawful business activities by maintaining policies restricting access to banking services or requiring escalated reviews and approvals before providing certain customers access to financial services. For example, the OCC identified instances where at least one bank imposed restrictions on certain industry sectors because they engaged in “activities that, while not illegal, are contrary to [the bank’s] values.” Sectors subjected to restricted access included oil and gas exploration, coal mining, firearms, private prisons, tobacco and e-cigarette manufacturers, adult entertainment, and digital assets.
The OCC’s findings confirm that these or similar policies and practices were in place at each of the banks reviewed. In a reaction to the observations Comptroller Gould stated, “It is unfortunate that the nation’s largest banks thought these harmful debanking policies were an appropriate use of their government-granted charter and market power. While many of these policies were undertaken in plain sight and even announced publicly, certain banks have continued to insist that they did not engage in debanking. Going forward, the OCC will hold banks accountable for these actions and ensure unlawful debanking does not continue.”
This review was first announced by the OCC in September 2025. While the OCC is releasing preliminary findings, its work continues to better understand the full extent and effect of these actions and their impact on affected industries and the American economy. The OCC is also still reviewing thousands of complaints to identify instances of political and religious debanking, which it will report on in due course and as appropriate. (LINK)
The six-page report identifies several industries that faced uphill climbs securing banking services, including oil and gas companies, cryptocurrency firms, tobacco and e-cigarette manufacturers, and firearm companies. The OCC said that many of these banks had publicly disclosed relevant policies, often tied to environmental, social and governance goals.
The report also found some banks adopted heightened reviews for potential customers based on negative coverage in the media.
The OCC will complete their investigation and could send recommendations to the DOJ requesting prosecution.
