OCC report finds top U.S. banks debanked customers over political views

The Office of the Comptroller of the Currency reported that the nine largest national banks it supervises maintained policies that influenced decisions to close accounts based on customers' political, religious, or business activities. The agency released the findings on Wednesday, concluding that these institutions had effectively "debanked" clients for reasons beyond standard risk management.

The report was issued in response to a 2025 executive order signed by President Donald Trump, which directed federal banking regulators to review complaints and identify financial institutions that declined business due to client viewpoints. The OCC examined 100,000 complaints and hundreds of bank decisions made between 2020 and September 2025. While the review focused on allegations from conservatives who claimed unfair targeting, the OCC noted that some banks also refused service to Democratic-leaning organizations.

Comptroller of the Currency Jonathan V. Gould stated in a Wednesday statement that Americans should have access to financial services regardless of their beliefs, affiliations, or political views. Gould emphasized that fair access is a regulatory mandate rather than a slogan.

The report cites specific incidents involving WePay, a payment processor acquired by JPMorgan Chase in 2017. The OCC found that WePay closed the accounts of several merchants selling MAGA- or Trump-related items. A JPMorgan Chase spokesperson said the company's policies prohibit discrimination against customers based on political or religious views. The spokesperson added that WePay's processes did not meet company expectations, and the business no longer operates under JPMorgan Chase ownership.

The OCC also identified restrictions based on industry type. The agency found that some banks limited financial services for businesses involved in oil and gas exploration, coal mining, or firearms. Debanking can occur for legal and regulatory reasons, such as detecting potentially fraudulent activity or managing overdrawn accounts, but the report distinguishes these from decisions driven by political or religious bias.

Citibank and Wells Fargo declined to comment on their specific involvement and pointed to a statement from the Bank Policy Institute, a banking industry trade group. The Institute said the industry supports fair access to banking services and is working to ensure regulations enable banks to serve law-abiding customers. The group added that it supports establishing clear and consistent standards that promote access while maintaining sound risk management, including recent administration efforts to prioritize supervisory attention on material financial risk rather than reputational risk.