Key facts
- US bank regulator found several large lenders unfairly denied services based on political or religious grounds.
- The OCC report covered nine of the nation's largest banks.
- No fines or penalties were imposed.
- Banks generally lacked clear, objective standards for assessing reputational risks.
- Comptroller Jonathan Gould stated fair access to financial services is a mandate.
A top US bank regulator found that several of the nation's largest banks unfairly denied banking services to some clients on political, religious, or other grounds, according to a report released Wednesday. The Office of the Comptroller of the Currency (OCC) stated that these practices lacked clear, measurable standards and objective, risk-based criteria for assessing reputational risks associated with customer relationships.
The OCC's report, launched in September 2025, covered nine of the country's largest banks by asset size. These institutions collectively hold a majority of US commercial banking assets. The regulator chastised the banks for these "debanking" practices, which occur when a bank cuts off an account holder's access to services, often due to concerns about legal, financial, or reputational risks. However, the OCC stopped short of imposing any fines or other penalties, though it indicated it may consider policy changes to discourage such activity in the future.
Comptroller of the Currency Jonathan Gould emphasized in a statement that "Americans should have access to financial services regardless of their beliefs, affiliations, or political views." The issue of debanking has become a significant point of contention in Washington, with conservative politicians and business groups accusing banks of cutting off companies in sectors such as fossil fuels, firearms, and cryptocurrency.
Large banks have denied rejecting customers on political or religious grounds, attributing such decisions to aggressive regulatory pressure and urging clearer rules from Washington. The OCC's review found that concerns about public opinion had led at least one bank to distance itself from certain customer affiliations that could be viewed as "partisan."
Allegations of politically motivated debanking have been a focus of the current Trump administration. President Donald Trump signed an executive order directing a review of these practices and has personally filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, alleging his accounts were closed for political reasons. JPMorgan has denied these allegations. Trump has also accused other lenders, including Bank of America, of similar actions.