A new report reveals major American banks closed accounts or refused credit to conservative political and religious groups.
The Office of the Comptroller of the Currency (OCC) investigated 100,000 claims of discrimination between 2020 and 2025.
It also reviewed 50,000 documents sent from the nine largest national banks that it supervises: JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank.
The investigation confirmed that religious groups were singled out for stances on abortion, LGBTQ issues, religious persecution, and other social issues.
“Today’s report provides irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against customers and lawful businesses,” said Comptroller of the Currency Jonathan V. Gould.
Americans should have access to financial services regardless of their beliefs, affiliations, or political views. Fair access to financial services is not a mantra—it is a mandate. The Trump Administration is committed to ending the weaponization of finance against hardworking Americans, once and for all,” Gould continued.
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The banks cited concerns over risk to their reputations for their decisions and said they’ve since revised their practices.
A U.S. industry advocacy group, the Bank Policy Institute, issued the following statement:
“We support efforts to establish clear and consistent standards that promote access while maintaining sound risk management, including the administration’s recent efforts to prioritize supervisory attention on material financial risk rather than reputational risk.”
The OCC launched its investigation in compliance with an executive order from President Trump. Last year, the president also warned Bank of America and JP Morgan Chase to stop debanking conservatives. Details here.
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