A Treasury Department review found that nine banking giants discriminated against customers over their beliefs and business activities
Nine of the largest US banks discriminated against customers over their political views and business activities, including conservative organizations and individuals, the Treasury Department’s banking regulator has said in a report on debanking practices.
The Office of the Comptroller of the Currency (OCC) reviewed the policies of JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, US Bank, Capital One, PNC Bank, TD Bank, and BMO Bank under President Donald Trump’s executive order aimed at ensuring “fair access” to banking services for all Americans. Trump has long accused Democrats of weaponizing institutions against his donors and supporters.
The review found that between 2020 and September 2025, all nine banks “have denied, debanked and discriminated against customers and lawful businesses,” Comptroller of the Currency Jonathan Gould said on Wednesday.
According to the OCC, the banks closed accounts and denied financial services to customers whose activities risk managers considered “controversial,” including on issues such as abortion and LGBTQ rights. In some cases, bank employees openly stated that the activities of certain groups conflicted with their institutions’ values. Other decisions were reportedly based on “social risk” considerations and “polarizing” public opinion on issues such as gun rights.
The regulator cited a case in February 2021 in which a payment processor owned by an unidentified bank closed the account of a merchant selling merchandise promoting Trump and his Make America Great Again (MAGA) brand.
The report also found that the banks maintained public and internal policies restricting services to companies involved in Arctic oil and gas exploration, the construction or expansion of coal-fired power plants, the sale of certain firearms and tobacco products, and the construction or operation of detention centers.
Although the report highlighted restrictions affecting conservative causes and politically sensitive industries, it also identified cases involving Democratic-leaning organizations. In 2023, Capital One rejected an unnamed organization supporting abortion rights, with a risk management employee noting that approximately 95% of its political contributions went to Democrats.
Senate Banking Committee Chairman Tim Scott told Fox News Digital that denying banking services for religious or political reasons was “simply un-American” and pledged that the committee would take action.
Trump himself has accused major banks of politically motivated debanking. He sued Capital One in 2025 and JPMorgan Chase in 2026, alleging that they closed accounts belonging to him and his businesses following the January 2021 Capitol riot because of his political views. JPMorgan has denied political discrimination, maintaining that account closures are based on legal and regulatory risks.
