1 week ago
A review conducted by the U.S. Department of the Treasury's banking regulator found that nine of the nation's largest banks engaged in discrimination against clients based on their business activities and political beliefs, the agency announced on Wednesday.
The Office of the Comptroller of the Currency (OCC) evaluated policies at JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, US Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. The inquiry was carried out under an executive order issued by President Donald Trump aimed at securing "fair access" to financial services for all Americans, following his long-standing claims that Democrats have weaponized institutions against his supporters and donors. Comptroller of the Currency Jonathan Gould stated Wednesday that between 2020 and September 2025, all nine institutions "have denied, debanked and discriminated against customers and lawful businesses."
Regulators examined roughly 420,000 pages of documents alongside nearly 100,000 complaints. According to the OCC, account closures and service denials targeted clients whose operations were deemed "controversial" by risk managers, touching on topics such as LGBTQ rights and abortion. Some bank staff explicitly noted that client activities conflicted with institutional values, while other decisions cited "social risk" and "polarizing" public sentiment surrounding matters like gun rights.
The OCC report highlighted internal and public bank policies restricting access for firms tied to Arctic oil and gas exploration, coal-fired power plant construction or expansion, detention center construction or operation, and the sale of tobacco products and specific firearms.
In one instance from February
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