Nine Major Banks Accused of De-Banking Practices, OCC Releases Final Report

The Office of the Comptroller of the Currency (OCC) has released a final report indicating that nine major banks have implemented policies of "refusal, de-banking, and discrimination" against certain customers and businesses. The report covers the period from 2020 to September 2025 and involves JPMorgan Chase, Bank of America, Citibank, Wells Fargo, US Bancorp, Capital One, PNC, TD Bank, and BMO. These banks may restrict access to financial services based on customers' political or religious beliefs, or due to customers engaging in legitimate business activities. The report also mentions that the relevant reputational risk rules lack clear and objective risk standards, and that access restrictions have been set for industries such as oil and gas, coal, firearms and ammunition, detention facilities, tobacco and e-cigarettes, and digital assets. OCC Director Jonathan V. Gould stated that they will assess further adjustments to the regulatory and inspection framework, and no penalties or fines have been disclosed at this time.

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