OCC says nine largest US banks engaged in debanking practices

# OCC Flags Nine Major U.S. Banks Over Policies Affecting Access to Financial Services

The Office of the Comptroller of the Currency (OCC) has found that nine major banks operating in the United States maintained policies that could restrict access to financial services based on customers’ political or religious beliefs, affiliations or lawful business activities between 2020 and September 2025. The findings have renewed scrutiny of how financial institutions evaluate customers and determine which businesses they are willing to serve.

Released on Oct. 14, 2026, the report followed a review ordered by President Donald Trump’s administration into allegations that major financial institutions denied banking services to certain individuals and businesses for political or ideological reasons. The OCC said some banks relied on broad reputational-risk policies and industry-specific restrictions that could affect customers without clearly defined, objective and risk-based criteria.

The nine banks named in the report are JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank. According to the regulator, each institution had policies that could influence or restrict access to financial services based on customers’ beliefs, affiliations or lawful commercial activities.

The OCC identified restrictions or concerns involving several industries, including oil and gas exploration, coal mining, coal-powered electricity generation, firearms and ammunition manufacturing and distribution, detention facilities, tobacco, e-cigarettes and digital assets. The report raised questions about whether certain policies were grounded in measurable financial and operational risks or could disadvantage businesses because of their industry associations.

A central issue was the use of reputational-risk assessments. Banks may consider the potential effect of a customer relationship on their public standing, but the OCC said broad standards without clear criteria can create the possibility of decisions influenced by political, religious or social considerations rather than legitimate banking risks.

The report included examples of a bank-owned payment processor closing the account of a merchant selling merchandise promoting Donald Trump and the Make America Great Again movement. It also described a bank declining to provide financial services to a public education organization because of its partisan affiliations. The examples illustrated the regulator’s concerns about how institutional policies may affect customers associated with politically sensitive causes.

As part of the investigation, the OCC said it reviewed nearly 100,000 complaints involving institutions under its supervision. It also received approximately 50,000 documents, totaling about 420,000 pages, from the banks. The review examined policies and practices used during the period from 2020 through September 2025.

Comptroller of the Currency Jonathan Gould said the findings underscored the importance of ensuring that Americans can access financial services regardless of their political views, beliefs or affiliations.

“Fair access to financial services is not a mantra—it is a mandate,” Gould said in the OCC’s announcement.

The agency said it was considering further changes to its supervisory and regulatory framework to reduce the likelihood of similar practices recurring. It has already taken steps to remove reputational risk from bank examinations and address improper debanking in certain licensing and supervisory decisions.

Despite the findings, the report did not immediately lead to announced fines or other penalties against the institutions. Reuters reported that the OCC criticized the identified practices but stopped short of announcing sanctions against the banks.

The institutions have previously maintained that restrictions involving certain customers and industries were related to regulatory requirements, financial-crime risks and broader risk-management considerations rather than discrimination based on political or religious beliefs, according to Reuters. The debate reflects a broader disagreement over how banks should balance compliance obligations and business decisions with fair access to financial services.

The OCC’s findings add to ongoing discussions in Washington about the responsibilities of financial institutions when assessing politically sensitive customers and lawful industries. The potential regulatory changes could influence how banks document customer decisions, establish risk criteria and evaluate relationships with businesses operating in controversial sectors.

For banks, the issue extends beyond individual account decisions to the policies that guide access to essential financial services. Further action by the OCC could shape the standards institutions use to assess customers and clarify how regulators distinguish legitimate risk management from restrictions that may be based on political, religious or ideological considerations.