Top U.S. banks dropped customers over political and religious views, regulator says

Key Points:

• The Treasury Department's Office of the Comptroller of the Currency (OCC) released a report revealing that top U.S. banks have "debanked" customers based on their political or religious views and business activities, including industries like oil, coal, and firearms.
• The report, aligned with President Trump's 2025 executive order, reviewed 100,000 complaints and found that the nine largest national banks had policies influencing decisions related to clients' affiliations, though debanking also occurred for legal and regulatory reasons.
• The OCC highlighted cases such as WePay, a payment processor acquired by JPMorgan Chase, which closed accounts of merchants selling MAGA or Trump-related items, a practice JPMorgan acknowledged and corrected.
• While some conservatives claim unfair targeting, the OCC noted that banks also refused service to Democratic-leaning organizations, emphasizing that fair access to financial services must be maintained regardless of political or religious beliefs.
• Banking industry representatives, including the Bank Policy Institute, emphasized their commitment to fair access and sound risk management, supporting regulatory efforts to balance customer service with financial risk oversight.