Nine Major Banks Accused of "Debanking" Practices, OCC Releases Final Report

Odaily News: The U.S. Office of the Comptroller of the Currency (OCC) stated that nine major banks have implemented policies to "deny, debank, and discriminate against" certain customers and businesses, and released a related final report. According to the report, between 2020 and September 2025, JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bancorp, Capital One, PNC, TD Bank, and BMO all had policies that could restrict access to financial services based on political or religious beliefs, or because customers engaged in lawful business activities; the relevant reputational risk rules lacked clear, objective risk standards and imposed access restrictions on industries including oil and gas, coal, firearms and ammunition, detention facilities, tobacco and e-cigarettes, and digital assets. OCC Comptroller Jonathan V. Gould stated that further adjustments to the regulatory and supervisory framework will be evaluated; no penalty arrangements such as fines have been disclosed at this time.