WASHINGTON— The Office of the Comptroller of the Currency said it has uncovered evidence that the nation’s largest banks denied or restricted financial services to customers because of their political views, religious beliefs and involvement in lawful businesses, according to a new 47-page report examining practices at nine major financial institutions.
As first reported by Fox Business, Comptroller of the Currency Jonathan Gould said Wednesday the agency found “irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against customers and lawful businesses.”
The findings follow an investigation ordered by President Donald Trump in August 2025 into whether financial institutions had engaged in politically or religiously motivated debanking, a practice involving the denial, restriction or termination of banking services.
“Americans should have access to financial services regardless of their beliefs, affiliations, or political views,” Gould said in a statement cited by Fox Business. “Fair access to financial services is not a mantra — it is a mandate.”
Gould added that the Trump administration is committed to ending what he described as the weaponization of financial services against Americans.
All Nine Banks Had Policies Flagged by OCC
According to Fox Business, the OCC examined practices at the nine largest banks it supervises:
- JPMorgan Chase Bank
- Bank of America
- Citibank
- Wells Fargo Bank
- U.S. Bank
- Capital One
- PNC Bank
- TD Bank
- BMO Bank
The OCC said all nine institutions maintained policies between 2020 and September 2025 that could have influenced decisions to deny or limit financial services based on customers’ political or religious beliefs or lawful business activities.
The agency concluded that broad policies involving reputational risk, often lacking clear standards or objective risk-based criteria, disadvantaged certain customers because of their political, religious or social views.
Policies Identified
he report also identified bank policies restricting services to businesses operating in several legal industries, including:
- Oil and gas exploration.
- Coal mining and coal-fired power generation.
- Firearms and ammunition manufacturing and distribution.
- Construction and operation of detention facilities.
- Tobacco and e-cigarette manufacturing, distribution and online retail.
- Digital asset activities.
The findings raise questions about the extent to which banks relied on reputational considerations rather than individualized financial and compliance risks when deciding whether to serve certain customers.
Political Discrimination Cited in Report
The OCC identified several examples of banking decisions involving political affiliations.
According to the report, a payment processor owned by one bank closed the account of a merchant selling merchandise supporting Trump and the Make America Great Again movement in February 2021.
In another instance, a bank declined to provide financial services to a public education organization in 2023 because its political arm endorsed only Democratic candidates.
The report also found that one bank’s business line, until 2025, classified organizations engaged in partisan activities as presenting presumptively high reputational risk.
Although the policy appeared to have been applied consistently to organizations across the political spectrum, the OCC said it resulted in financial services being denied because of constitutionally protected political views.
Organizations considered bipartisan, by contrast, were permitted to receive services.
“Fear of being on the wrong side of public opinion led at least one bank to distance itself from certain customer affiliations that could possibly be viewed as partisan,” the report stated, according to Fox Business.
Review Included Nearly 100,000 Complaints
The OCC’s investigation involved a substantial review of banking records and consumer complaints.
According to Fox Business, the agency examined nearly 100,000 complaints submitted to OCC-regulated institutions and received approximately 50,000 documents from the nine banks, totaling about 420,000 pages.
Those materials included bank policies, procedures, internal practices and information about individual customer decisions.
The OCC initially announced its review in September 2025 and released preliminary findings in December of that year.
The latest report represents another step in the administration’s effort to address what it describes as discriminatory debanking.
The agency said it is considering additional actions to prevent discrimination based on political or religious beliefs and address the use of reputational risk in banking decisions.
Banks Respond to Findings
JPMorgan Chase, one of the institutions examined, told Fox Business its policies prohibit discrimination against customers based on political or religious beliefs.
The bank said the OCC report described a limited number of historical interactions involving its nearly 90 million customers and small businesses worldwide.
“We take this seriously, learned from it, and improved the way we do business,” JPMorgan Chase said.
The bank also acknowledged broader concerns about the regulatory environment in which financial institutions have operated.
“We agree with the Administration on a broader point: years of operating in a regulatory environment that often second-guessed decisions contributed to a culture of caution across the banking industry. That system needs fixing,” JPMorgan Chase said.
Wells Fargo declined to comment to Fox Business.
BMO Bank referred the news organization to the Bank Policy Institute, which said the industry supports fair access to financial services.
“The banking industry supports fair access to banking services and has been working to ensure that government regulations and policies enable banks to serve law-abiding customers,” the institute said.
The organization added that it looks forward to working with the administration and Congress on proposals to ensure political or religious beliefs do not unfairly affect access to banking.
Congressional Reaction
The findings drew strong reactions from Republican lawmakers, who said the report demonstrated the need for additional oversight of banking practices.
Senate Banking Committee Chairman Tim Scott, R-S.C., described the findings as “damning” in comments to Fox News Digital.
“Debanking Americans over faith or politics is simply un-American,” Scott said. “Expect to hear more from the Banking Committee on this important issue when Congress returns.”
Rep. Dan Meuser, R-Pa., a member of the House Financial Services Committee, said the report demonstrated the extent of what he characterized as politically motivated debanking during the Biden administration.
Meuser said he intends to work with Gould and the OCC to prevent similar practices under future administrations.
Commodity Futures Trading Commission Chairman Mike Selig also welcomed the findings, saying Americans should not be denied financial services for embracing financial innovation or choosing how to manage their money.
Executive Order Prompted Investigation
Trump’s August 2025 executive order directed regulators to examine whether financial institutions had denied services because of customers’ political or religious beliefs or lawful business activities.
At the time, the White House said banking decisions should be based on individualized, objective and risk-based assessments rather than political considerations.
Trump has previously alleged that he was personally targeted by politically motivated debanking. First lady Melania Trump also has said in her memoir that a longtime banking relationship was terminated and that Barron Trump subsequently was denied an account following the events of Jan. 6, 2021.
Those allegations have contributed to the administration’s broader scrutiny of banking access and the role of federal regulators in influencing account decisions.
Fox Business also reported that Wall Street sources previously alleged regulators during the Biden administration pressured banks to scrutinize accounts for political reasons. Those allegations were separate from the specific findings outlined in the OCC report.
The OCC has not announced specific enforcement actions against the nine banks based on the latest findings.
Additional Measures Could Follow
However, the agency indicated that additional regulatory measures could follow as it considers how to prevent discriminatory banking decisions and limit the use of subjective reputational-risk standards.
The report could also intensify congressional debate over whether banks should face additional requirements to demonstrate that account closures and denials of service are based on legitimate financial, legal or compliance concerns rather than customers’ political or religious views.
