US debanking investigation finds customers shut out over political views

Key Points:

• The Office of the Comptroller of the Currency (OCC) reported "irrefutable evidence" that the nine largest U.S. banks have denied or restricted banking services to customers based on political views and lawful business activities, including accounts linked to pro-Trump merchandise and partisan organizations.
• The OCC's 47-page report, prompted by a 2025 executive order from former President Trump, found that banks applied broad reputation risk policies lacking clear criteria, leading to discrimination against certain political, religious, or social views, as well as industries like firearms, coal, and digital assets.
• Senate Banking Committee Chairman Tim Scott called the findings "damning" and condemned debanking Americans over faith or politics as "un-American," signaling potential congressional action on the issue.
• Banks like JPMorgan Chase acknowledged past mistakes and emphasized policies against discrimination, while industry groups expressed support for fair access but noted the need for regulatory clarity to avoid overly cautious banking practices.
• The OCC is considering further measures to prevent discrimination based on political or religious beliefs and to address the problematic use of reputation risk in banking decisions.