OCC Publishes Early Assessment of Debanking Conduct at Top Banks

Key Takeaways

• What the OCC Found: The agency released early results from its review of debanking practices at nine major national banks.
• What the Review Covers: Supervisors examined whether banks limited services based on political or religious beliefs or lawful business activities.
• What the OCC Identified: From 2020 to 2023, banks had policies that restricted access or required additional reviews for certain customers.
• Who Was Affected: Industries facing limitations included oil and gas, coal mining, firearms, private prisons, tobacco and e-cigarette manufacturers, adult entertainment, and digital assets.
• What Happens Next: The OCC is still reviewing thousands of complaints involving political and religious debanking and plans to issue further updates.

Deep Dive

The Office of the Comptroller of the Currency (OCC) on Wednesday released findings from its ongoing review of debanking activities at the nine largest national banks under its supervision. The review is examining whether the institutions restricted access to financial services for customers based on political or religious beliefs or lawful business activities, as directed by the President’s Executive Order Guaranteeing Fair Banking for All Americans.

The banks included in the review are JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank.

According to the OCC, the initial findings show that between 2020 and 2023 the banks made “inappropriate distinctions” among customers engaged in lawful business activities. The agency reported that the institutions maintained policies that either restricted access to banking services or required elevated reviews and approvals before certain customers could obtain them.

The OCC identified examples in which at least one bank restricted services to industry sectors it described as engaging in “activities that, while not illegal, are contrary to [the bank’s] values.” The sectors referenced in the findings include oil and gas exploration, coal mining, firearms, private prisons, tobacco and e-cigarette manufacturers, adult entertainment, and digital assets. The OCC stated that similar policies or practices were present at each of the banks reviewed.

Comptroller of the Currency Jonathan V. Gould said the agency is making preliminary information public while the broader review continues.

“The OCC is committed to ending efforts—whether instigated by regulators or banks – that would weaponize finance,” he said. He added that the agency will “hold banks accountable for these actions and ensure unlawful debanking does not continue.”

The review was first announced in September 2025. The OCC noted that it is still working to assess the full extent and impact of the banks’ practices on affected industries and on the broader U.S. economy. The agency is also continuing to evaluate thousands of complaints alleging political or religious debanking and will report on those findings “in due course and as appropriate.”

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