Regulator: nine big banks had policies that could limit service over beliefs. All say they have revised them.
The Office of the Comptroller of the Currency said Wednesday that all nine of the largest banks it supervises had “reputation risk” policies lacking clear, objective standards that could disadvantage customers because of their political, religious or social views or lawful business activities. The review covered JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank and BMO between 2020 and September 2025.
The review was ordered under President Donald Trump’s executive order “Guaranteeing Fair Access to Banking for All Americans.” The OCC announced it in September 2025 and issued preliminary findings in December. It examined nearly 100,000 complaints and about 420,000 pages of documents, according to CNBC. Comptroller Jonathan Gould said the review found “irrefutable evidence” of debanking, according to Fox Business. The report said JPMorgan’s WePay unit ended accounts for several political and religious groups, and alleged that Wells Fargo influenced a sales partner to close the account of a religiously affiliated nonprofit, citing the group’s views on same-sex marriage. The report also said the practice was not limited to conservative groups, noting at least one case that did not involve them, and found that digital-asset firms were affected.
All nine banks told the OCC they have revised or consolidated their policies to ensure fair access, but the regulator said none had fully acknowledged earlier decisions or done enough to remediate affected customers. JPMorgan said its policies prohibit discrimination over political or religious views and that WePay’s process did not meet its expectations; it said it fixed the issue and has shut the business down. Wells Fargo and Citigroup declined to comment, and PNC said it was reviewing the findings. The Bank Policy Institute, which represents large banks, said beliefs should not affect access to banking. Banks have previously said some restrictions stemmed from regulatory pressure, financial-crime concerns and risk management, according to Reuters.
The OCC announced no fines or sanctions but said it is considering further actions, including new rules to prevent discrimination, and is examining whether anti-money-laundering compliance contributed to debanking. It said it is coordinating with other federal and state regulators. Treasury Secretary Scott Bessent tied the findings to the administration’s fair-banking initiative.
This report is based on information from CNBC, Fox Business, PYMNTS, The Center Square and Yahoo Finance.
