OCC report accuses nine largest U.S. banks of debanking

CFPB says it will act on alleged bank targeting of Trump supporters

The U.S. Treasury Department’s Office of the Comptroller of the Currency on Wednesday released a report accusing the nine largest U.S. national banks of letting customers’ “political or religious beliefs or lawful business activities” influence decisions about who can receive banking services. The OCC said it found all nine major national banks — JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank — had or have such policies covering 2020 to September 2025.

The report is the latest step in President Donald Trump’s push against what he has described as “debanking” — banks suddenly closing an account or stopping lending because of legal, financial or reputation risks. The OCC imposed no fines Wednesday but said it is considering new rules aimed at political or religious discrimination, while the Consumer Financial Protection Bureau said it will take steps to address consumer harm allegedly caused by the banks.

Comptroller of the Currency Jonathan V. Gould said the report provides “irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against customers and lawful businesses.” “Americans can have access to financial services regardless of their beliefs, affiliations or political views,” Gould said. “Fair access to financial services is not a mantra — it is a mandate.”

The report follows an executive order Trump issued in August 2025 mandating investigations into debanking activities and naming “unacceptable practices” targeting “persons participating in activities and causes commonly associated with conservatism and the political right following the events that occurred at or near the United States Capitol on January 6, 2021.” Trump has said he was “debanked” after the Jan. 6, 2021, insurrection at the U.S. Capitol.

The OCC said in the report that banks had restrictions affecting firearm-, fossil fuel-, private prison-, tobacco- and cryptocurrency-related businesses.

Also Wednesday, the Consumer Financial Protection Bureau said it will take steps to “address consumer harm” allegedly caused by these banks to those who support “President Trump, MAGA, pro-life causes, and industries disfavored by the Left.” Mark Paoletta, the CFPB’s acting director, said it is “appalling that these banks targeted American consumers for their political, social, or religious beliefs that did not align with the Biden administration or its leftist allies.” “Many of those targeted were supporters of President Trump,” Paoletta said. “These thuggish tactics … have no place in America.”

The report comes one day after the Treasury Department imposed more than $1.2 billion in penalties on Bank of America over separate anti-money-laundering failures. The OCC said Wednesday it is considering whether bank efforts to follow anti-money-laundering rules may contribute to debanking activities.

Trump has sued Capital One, accusing it of debanking after the bank closed the Trump Organization’s accounts; the bank said in August that it closed the accounts because of concerns over money laundering. Trump also sued JPMorgan Chase, alleging that it debanked him after the insurrection.