OCC Reports Debanking Policies at 9 Major US Banks

MT Newswires Live10-14 20:30

The US Office of the Comptroller of the Currency said Wednesday that nine major banks maintained policies that restricted access to financial services for some customers and businesses between 2020 and September 2025.

The agency said it reviewed debanking activities at JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), US Bancorp (USB), Capital One Financial (COF), PNC Financial Services (PNC), Toronto-Dominion Bank (TD) and Bank of Montreal (BMO).

The OCC said broad reputation risk policies, which lacked clear standards and objective, risk-based criteria, put certain Americans at a disadvantage based on their political, religious or social views, or based on their lawful business activities.

The agency also said banks had policies that restricted financial services access to certain industries, including oil and gas, coal, firearms, detention facilities, tobacco and digital assets.

The OCC said it is considering further regulatory and supervisory changes to prevent recurrence of debanking activities.

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