Banks closed accounts of MAGA, pro-life and other conservative groups disfavored by Biden admin

Key Points:

• A report by the Office of the Comptroller of the Currency (OCC) found that major banks, including JPMorgan Chase, Bank of America, and Wells Fargo, closed accounts and denied credit to conservative, religious, and politically disfavored groups based on their beliefs or industries such as firearms, oil and gas, and private prisons.
• The banks cited "reputation risk" from negative press, protests, and advocacy group criticisms, including from the Southern Poverty Law Center (SPLC), whose designations were used to justify debanking decisions despite the SPLC facing federal fraud charges.
• Specific examples include JPMorgan Chase's WePay closing accounts linked to MAGA merchandise and conservative causes, and Wells Fargo refusing loans to firearms businesses due to fears of political backlash under the Biden administration.
• The Consumer Financial Protection Bureau (CFPB) has launched an investigation into these debanking practices, with Acting Director Mark Paoletta condemning the targeting of customers for their political or religious beliefs and pledging enforcement action.
• The OCC report follows a 2025 executive order by President Trump against politicized debanking, and Trump is suing JPMorgan Chase over alleged politically motivated account closures after the January 6 Capitol riot.