Treasury Department report accuses banks of 'debanking' activities
A Treasury Department report Wednesday accuses the largest banks in the United States of "debanking" customers based on their political beliefs.
Oct. 14 (UPI) -- A U.S. Treasury Department office issued a report Wednesday that accuses the largest banks in the United States of letting customers' "political or religious beliefs or lawful business activities" influence decisions about who can receive banking services.
The report is the latest step in President Donald Trump's ongoing push accusing banks of allegedly discriminating against conservatives.
Trump himself has said he was "debanked" -- a word describing when a bank or other financial institution suddenly closes someone's account or stops lending to them because of legal, financial or reputation risks -- after the Jan. 6, 2021, insurrection at the U.S. Capitol.
The new report by the Office of the Comptroller of the Currency, part of the Treasury Department, said that it found all nine of the major U.S. national banks -- JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank -- had or have such policies. This applies to the time from 2020 to September 2025.
"Today's report provides irrefutable evidence that the nation's largest banks have denied, debanked and discriminated against customers and lawful businesses," said Jonathan V. Gould, comptroller of the currency. "Americans can have access to financial services regardless of their beliefs, affiliations or political views. Fair access to financial services is not a mantra -- it is a mandate."
The OCC did not impose any fines or punishments Wednesday but said it is considering new rules aimed at political or religious discrimination.
It also said in the report that banks had restrictions affecting firearm-, fossil fuel-, private prison-, tobacco- and cryptocurrency-related businesses.
Also Wednesday, the U.S. Consumer Financial Protection Bureau, a government agency, said it will take steps to "address consumer harm" allegedly caused by these banks to those who support "President Trump, MAGA, pro-life causes, and industries disfavored by the Left."
"It is appalling that these banks targeted American consumers for their political, social, or religious beliefs that did not align with the Biden administration or its leftist allies," said Mark Paoletta, the CFPB's acting director. "Many of those targeted were supporters of President Trump. These thuggish tactics .. have no place in America."
The report follows an executive order issued by Trump in August 2025 mandating investigations into such debanking activities, specifically naming "unacceptable practices" targeting "persons participating in activities and causes commonly associated with conservatism and the political right following the events that occurred at or near the United States Capitol on January 6, 2021."
The report comes one day after the treasury imposed more than $1.2 billion in penalties on the Bank of America over separate anti-money-laundering failures.
However, the OCC said Wednesday it is considering whether bank efforts to follow anti-money-laundering rules may contribute to debanking activities.
Trump has sued Capital One and accused it of debanking after the bank closed the Trump Organization's accounts. The bank said in August that it closed the accounts because of concerns over money laundering. The president also sued JPMorgan Chase, alleging that it debanked him after the insurrection.
