The Office of the Comptroller of the Currency (OCC) said nine of the largest banks operating in the United States maintained policies that restricted access to financial services based on customers’ political or religious beliefs or lawful business activities. This occurred between 2020 and September 2025.
The findings, released Oct. 14, 2026, follow a review ordered by President Donald Trump’s administration into allegations that major financial institutions denied banking services to certain customers and businesses for political or ideological reasons. The OCC said some banks used broad reputational-risk policies and industry-specific restrictions that could disadvantage customers without clear, objective, risk-based criteria.
The nine banks identified in the report are JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank. The OCC said its review found that all nine had policies that could restrict or influence access to financial services based on political or religious beliefs, affiliations or lawful business activities.
Banks faced scrutiny over industry restrictions
According to the OCC, the policies affected businesses operating in several sectors, including oil and gas exploration, coal mining and coal-powered electricity generation, firearms and ammunition manufacturing and distribution, detention facilities, tobacco and e-cigarettes, and digital assets.
READ: Mamta Bhatt’s friend alleges abuse in murder trial (October 8, 2026)
The regulator also identified concerns involving banks’ use of reputational-risk assessments. Such policies allow financial institutions to consider whether a customer relationship could expose them to negative public perception. The OCC said broad standards without clear, objective criteria could lead to restrictions based on political, religious or social views rather than legitimate financial or operational risks.
The report cited examples involving a payment processor owned by a bank that closed the account of a merchant selling merchandise promoting Trump and the Make America Great Again movement. It also described a bank declining to provide financial services to a public education organization because of its partisan affiliations.
The OCC said it reviewed nearly 100,000 complaints involving institutions under its supervision and received approximately 50,000 documents, comprising about 420,000 pages, from the banks as part of its investigation.
OCC considers further regulatory action
Comptroller of the Currency Jonathan Gould said the findings showed the need to ensure Americans can access financial services regardless of their beliefs, affiliations, or political views.
“Fair access to financial services is not a mantra—it is a mandate,” Gould said in the OCC’s announcement.
The regulator said it was considering additional changes to its supervisory and regulatory framework to reduce the likelihood of similar practices recurring. The agency has already taken steps to remove reputational risk from bank examinations and to address improper debanking in certain licensing and supervisory decisions.
However, the report did not immediately result in fines or other penalties against the banks. Reuters reported that the regulator criticized the practices but stopped short of announcing sanctions.
READ: Bending Spoons product lead faces backlash over ‘insensitive’ Airtable layoff announcement (October 14, 2026)
The banks have previously argued that restrictions on certain customers or industries were driven by regulatory pressures, financial-crime concerns and risk management, rather than political or religious discrimination, according to Reuters.
The findings add to a broader debate in Washington over access to banking services, the role of financial institutions in evaluating politically sensitive customers and the extent to which regulators should limit banks’ discretion in deciding whom to serve.