Federal Regulator Confirms Major U.S. Banks Denied Services Over Political and Religious Views
A new Treasury Department report reveals top U.S. banks closed customer accounts based on political, religious, and business affiliations. Read the findings.
POLICY WIRE — Washington, D.C. — A new report from the Treasury Department’s Office of the Comptroller of the Currency (OCC) confirms that major U.S. financial institutions have terminated customer relationships due to political beliefs, religious affiliations, and specific business activities.
The findings, published Wednesday, address a practice often referred to as debanking. This issue has gained significant attention from President Trump, who has frequently alleged that financial institutions discriminate against conservative clients.
The OCC conducted this review in response to a 2025 executive order issued by Mr. Trump, which mandated that federal regulators investigate complaints regarding banks that allegedly refused service based on a client’s personal views. The agency analyzed roughly 100,000 complaints and hundreds of individual bank decisions spanning from 2020 through September 2025.
While the report notes that some conservatives have faced targeted service denials, the OCC also discovered instances where banks refused to work with organizations aligned with Democratic interests. Furthermore, the agency acknowledged that debanking often occurs for standard regulatory or legal reasons, such as instances of suspected fraud or overdrawn accounts.
Comptroller of the Currency Jonathan V. Gould emphasized the importance of equitable financial access in a statement released Wednesday. He asserted that Americans deserve access to financial services regardless of their personal affiliations or political stances, noting that fair access is a mandate rather than a mere mantra.
The report highlights the defunct payment processor WePay, which was purchased by JPMorgan Chase in 2017. According to the OCC, WePay previously shuttered accounts belonging to merchants who sold Trump- or MAGA-related merchandise.
A spokesperson for JPMorgan Chase stated that the company’s policies strictly prohibit discrimination based on religious or political views. The spokesperson added that WePay’s internal processes failed to meet company expectations, leading to the identification and correction of the issue before the business ceased operations.
Beyond political and religious factors, the OCC found that certain banks restricted services for businesses operating in specific sectors, including coal mining, oil and gas exploration, and the firearms industry. Cryptocurrency investors also reported account closures, claiming banks were hesitant to engage with the crypto sector.
Representatives for Citibank and Wells Fargo declined to provide individual comments, instead directing inquiries to the Bank Policy Institute. The industry trade group stated that banks support fair access and are collaborating to ensure regulations allow them to serve all law-abiding customers.
The Bank Policy Institute further noted its support for clear standards that balance financial access with sound risk management. The group specifically welcomed the administration’s focus on prioritizing material financial risk over reputational risk in supervisory efforts.
Reporting by Policy-Wire (PW)
