Regulator says nation's largest banks debanked customers over their views
A U.S. bank regulator says the nine biggest national banks it oversees had rules that let politics, faith or a customer's type of work sway what they did, CBS News and Fox Business reported. The findings cover 2020 to September 2025. JPMorgan said its rules bar bias over politics or faith.
The Office of the Comptroller of the Currency said Wednesday that the nine largest national banks it supervises had policies that swayed their decisions based on customers' political, religious or business activities, CBS News and Fox Business reported.
Fox Business named the banks: JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank. "The OCC's findings show that, between 2020 and September 2025, all nine banks had such policies," the agency said, according to Fox Business. CBS reported that the OCC reviewed 100,000 complaints and hundreds of bank decisions.
The review followed an executive order President Donald Trump signed in 2025, the outlets reported. Fox Business said the order was signed in August 2025.
The report cites WePay, a now-defunct payment processor JPMorgan Chase acquired in 2017, which closed the accounts of several merchants selling MAGA- or Trump-related items, CBS reported. Some banks also restricted services for businesses in oil and gas exploration, coal mining or firearms, CBS said. Fox Business reported that the 47-page report also found one bank declined to serve a public education organization because its political arm endorsed only Democratic candidates. The report said another bank's policy treating "partisan activity" as high risk appears to have been applied to groups on both sides of the political spectrum, Fox Business reported. CBS noted that banks can also close accounts for legal and regulatory reasons, such as suspected fraud.
"Fair access to financial services is not a mantra — it is a mandate," Comptroller of the Currency Jonathan Gould said in a statement, the outlets reported.
"Our policies prohibit discrimination against customers based on political or religious views," JPMorgan said, according to both outlets. JPMorgan told Fox Business the report covers "a limited number of historical interactions" and that years of regulators second-guessing banks' decisions had created "a culture of caution" across the industry. Citibank and Wells Fargo declined to comment and pointed to a statement from the Bank Policy Institute, CBS reported. The trade group said the industry "supports fair access to banking services."
Senate Banking Committee Chairman Tim Scott, R-S.C., told Fox News Digital the report is "damning," Fox Business reported.
What we know: The OCC says all nine of the largest national banks it supervises had such policies between 2020 and September 2025.
What we don't: What action the OCC will take; Fox Business reported the agency is considering steps to prevent such discrimination.
Where outlets agree CBS News and Fox Business both report that the OCC found all nine of the largest national banks it supervises had policies that let politics or religion sway their decisions.
Where they differ The outlets cited here report the same key facts so far.