The Office of the Comptroller of the Currency (OCC) announced on Wednesday that it has discovered what it describes as "irrefutable evidence" that several of the largest U.S. banks have denied service, debanked, and discriminated against customers based on their political views. Comptroller of the Currency Jonathan Gould made this declaration after the OCC conducted an investigation into the debanking practices of the nine largest banks under its supervision, which include JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank.
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Debanking refers to the denial, restriction, or closing of access to banking services for individuals or organizations. The OCC's 47-page report highlighted instances in which a payment processor linked to a bank closed an account belonging to a merchant selling merchandise promoting President Trump and the MAGA brand. Additionally, the report noted that one bank declined to serve a public education organization due to its endorsement of solely Democratic candidates.
"Americans should have access to financial services regardless of their beliefs, affiliations, or political views," Gould stated. He emphasized that fair access to financial services is a mandate, not just a principle.
The report details how fear of negative public perception led some banks to sever ties with customers whose affiliations could be interpreted as partisan. It was noted that a bank's practices treated businesses engaged in 'partisan activity' with a presumptive risk of reputational damage. This led to a lack of service for organizations expressing constitutionally protected views, while those labeled as 'bipartisan' continued to receive financial services.
Senate Banking Committee Chairman Tim Scott, R-S.C., criticized the findings as "damning" and stated that denying services based on faith or political affiliation is un-American. He indicated that further examination of this matter would occur when Congress reconvenes.
The OCC’s review stemmed from an executive order signed by President Donald Trump in August 2025, aimed at investigating whether banks' practices influenced them to limit access to financial services due to customers' political or religious beliefs. The OCC found evidence of such discriminatory policies across all nine banks between 2020 and September 2025.
Trump had previously asserted that he faced debanking issues motivated by political bias from banking regulators. He and Melania Trump both described personal experiences involving closed accounts linked to political circumstances.
The OCC's report, which is based on approximately 100,000 complaints and a vast amount of documentation from the banks, suggests that broad reputation risk policies were detrimental to certain Americans based on their political, religious, or social views. Furthermore, the report pointed out restrictive policies impacting industries such as oil and gas, firearms, and digital assets.
In response, JPMorgan Chase stated that it prohibits discrimination based on political or religious views and acknowledged the need for improvements in its practices. Other banks, such as Wells Fargo and BMO, did not provide comments, while the Bank Policy Institute expressed support for fair access to banking services, emphasizing the importance of ensuring that political beliefs do not unjustly affect customer access.