JPMorgan Chase, Bank of America, Wells Fargo and Six Other Banks Debanked Customers Over Political and Religious Beliefs, Federal Regulator Finds
Nine of the largest banks in the US had policies that cut off or limited service to Americans over their political or religious beliefs and lawful businesses, according to a federal regulator.
All nine banks had such policies between 2020 and September of 2025, says the Office of the Comptroller of the Currency (OCC).
The banks are JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank.
The OCC’s report says broad reputation risk policies with no clear standards disadvantaged customers based on their political, religious or social views.
The regulator also found the banks restricted entire industries, including oil and gas exploration, coal mining, firearms, detention facilities, tobacco and digital assets.
In one example, the report says a bank-owned payment processor closed the account of a merchant selling Make America Great Again merchandise in February of 2021.
In another, a bank declined to serve a public education organization whose political arm endorsed only Democratic candidates.
The OCC reviewed nearly 100,000 complaints and about 50,000 documents totaling roughly 420,000 pages from the banks.
Says Comptroller of the Currency Jonathan V. Gould,
“Today’s report provides irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against customers and lawful businesses.”
Says Gould,
“Notwithstanding certain efforts by the largest banks to rein in these practices, I am not confident that they will be enough. Accordingly, the OCC will be assessing further changes to the regulatory and supervisory framework applicable to the largest banks to reduce the likelihood of these harmful practices recurring in the future.”
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