OCC report says nine major banks discriminated against conservative customers
The U.S. Office of the Comptroller of the Currency released a report on Oct. 16, 2026 naming nine major banks for denying or closing accounts of customers because of conservative political or religious beliefs.
The regulator said the banks engaged in “debanking” practices between 2020 and 2025, violating a presidential directive issued last August that forbids exclusion from financial services based on ideology. The findings raise concerns about access to basic banking for Americans whose beliefs differ from prevailing social trends.
"Americans should have access to financial services regardless of their beliefs, affiliations, or political views," Comptroller Jonathan Gould said in a press release. "Fair access to financial services is not a mantra — it is a mandate."
Among the institutions cited were TD Bank and the Bank of Montreal, both of which faced multiple complaints. TD was flagged for requiring loan requests from a pro‑life nonprofit to be reviewed by its reputational risk committee and for labeling a faith‑based health‑care sharing ministry as a “reputation risk.” The bank claimed the organization’s moral and religious requirements conflicted with its diversity and inclusion values.
The Bank of Montreal’s report highlighted its handling of a long‑time customer that manufactured empty firearm magazines and other tactical products. BMO’s environmental and social risk policy instructed account managers to steer such customers toward compliance with its firearms guidelines, setting a quarterly sales threshold of less than 30 percent for tactical products before ending the banking relationship.
JPMorgan Chase’s payment processor WePay was cited for closing accounts that sold merchandise supporting the Make America Great Again brand and for shutting down a merchant that offered “conservative/republican” apparel. WePay also terminated a “religious conservative” nonprofit with strong anti‑LGBTQ rhetoric. JPMorgan later said it had improved its practices and now prohibits discrimination based on political or religious views.
Other banks named in the report included Bank of America, Citigroup, Wells Fargo, U.S. Bancorp, Capital One and PNC Financial Services. The OCC’s review was based on 100,000 complaints filed with the agencies it regulates.
The regulator did not announce any immediate penalties but signaled that it is reviewing additional supervisory measures to prevent future debanking. The Consumer Financial Protection Bureau issued a statement promising a full investigation into whether the institutions violated federal consumer‑financial laws and vowed to take appropriate action.
Both the OCC and the CFPB indicated that further enforcement steps may follow, leaving the banks under close watch as they adjust policies to comply with the presidential directive and restore unfettered access to banking services for all customers.
