The Office of the Comptroller of the Currency (OCC) released a report on October 14, 2025, documenting 100,000 complaints alleging that nine of the largest U.S. banks denied or limited financial services based on customers’ political or religious views or affiliations with lawful but “disfavored” industries. The banks under review—JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank—were found to have policies that could encourage discrimination beyond financial risk assessments, according to the federal regulator.
The OCC’s findings stem from an investigation launched in 2024 under a Trump administration executive order, which directed regulators to examine whether banks were using reputation risk policies to justify account closures or service denials. The review included 420,000 pages of internal documents and identified nearly 100,000 complaints filed between 2020 and September 2025. The OCC did not impose fines but stated it is considering new rules to prevent political or religious discrimination in banking decisions.
Key Findings and Examples
The OCC highlighted several cases where banks allegedly acted on non-financial grounds. In late 2021, PNC Bank declined a line of credit to a media company described internally as financially stable, citing concerns over the owners’ conservative political commentary and donations to Christian conservative organizations, some of which had been labeled “hate groups” by the Southern Poverty Law Center. An internal email noted it was difficult to justify working with a company whose owners held views “very contrary to PNC’s beliefs/values.”
In February 2021, a payment processor owned by JPMorgan Chase (through its subsidiary WePay) closed the accounts of merchants selling Trump and conservative merchandise, including those using terms like “MAGA,” “Make America Great,” and “America First” on an internal screening list. The OCC did not specify whether these terms were used as formal criteria or informal guidelines.
Another case involved a public education organization in February 2023, which was denied financial services by one bank due to its partisan leanings—specifically, the organization’s political arm had endorsed solely Democratic candidates. The OCC also noted a bank’s environmental and social risk policy that restricted business relationships with customers whose firearm sales policies did not align with the bank’s standards, including limits on high-capacity magazines and sales to individuals under 21 years old.
Regulatory Response and Ongoing Review
Comptroller of the Currency Jonathan V. Gould stated in a press release that the report provides “irrefutable evidence” that major banks have denied, debanked, and discriminated against customers and lawful businesses. The OCC emphasized that the banks’ reputation risk policies lacked clear, measurable standards and objective risk-based criteria, making it difficult to distinguish between legitimate risk management and discriminatory practices.
The OCC’s report follows $1.2 billion in penalties imposed on Bank of America on October 13, 2025, for anti-money laundering failures, though the agency noted that compliance with anti-money laundering rules may itself contribute to debanking. The regulator is continuing its review and has not ruled out further enforcement actions.
Banks’ Stated Policies and Internal Justifications
While the OCC did not name specific banks in all examples, the report suggests that reputation risk—the potential harm to a bank’s public image or business relationships—was a common justification for account closures or service denials. Internal communications cited in the report indicate that some bank employees viewed certain customers or businesses as incompatible with the institution’s stated values or public perception goals.
The OCC did not provide a comprehensive breakdown of how many complaints were substantiated versus dismissed, nor did it detail the financial impact on affected customers. The agency stated that its work on this issue is ongoing and that it is evaluating whether additional regulatory or supervisory actions are necessary to address the findings.
Background: The Executive Order and Political Context
The investigation was initiated under an executive order from the Trump administration, which directed financial regulators to assess whether banks were discriminating against customers based on political affiliation. Former President Donald Trump has repeatedly accused major banks of targeting conservatives, including claims that he was “debanked” following the January 6, 2021, Capitol insurrection, though banks have denied these allegations.
The OCC’s report does not directly link its findings to any specific political administration but notes that the complaints span 2020 to 2025, covering both the final years of the Trump presidency and the Biden administration. The regulator’s focus on reputation risk policies suggests that banks may have adjusted their risk assessments in response to public pressure, media scrutiny, or social movements during this period.
Next Steps and Potential Policy Changes
The OCC has indicated it is considering new rules or guidance to prevent banks from using political or religious affiliation as a factor in financial service decisions. The agency has not provided a timeline for these potential changes but stated that it will continue to monitor compliance among the nine banks under review. The report also leaves open the possibility of individual enforcement actions against banks found to have violated existing regulations.
Consumer advocates and industry groups have not yet publicly responded to the report, and the OCC has not specified whether it plans to hold public hearings or seek public comment on its proposed reforms.