OCC Report Accuses Banks of Political Debanking
Federal regulators accuse top US banks of politically motivated debanking.
In brief
Federal regulators accuse top US banks of politically motivated debanking. The OCC report claims nine major US banks denied services to customers based on political or religious beliefs. Originally reported by Pymnts.
OCC Report Finds Debanking
Federal regulators say nine largest US banks denied services based on political or religious beliefs.
“The Office of the Comptroller of the Currency released a 45-page report called " Guaranteeing Fair Banking for All Americans " Wednesday (Oct. 14) on the issue of "debanking."”
Banks Face Fair Access Claims
Comptroller Jonathan V. Gould states fair banking access is a mandate, not a mantra.
“Americans should 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.”
Debanking Policies Targeted
Banks used reputation risk policies to disadvantage customers based on political or religious views.
“broad reputation risk policies”
Banks Revised Policies
Nine banks told OCC they revised policies to ensure fair access but admitted no full remediation.
“The nine banks told the OCC they have since revised or consolidated policies to make sure they granted fair access”
JPMorgan WePay Case
JPMorgan closed accounts for Trump-related merchants after policy review.
“JPMorgan subsidiary WePay closing accounts from merchants selling merchandise related to President Donald Trump”
Capital One Abortion Group
Capital One declined business with abortion rights group after political contributions.
“Capital One declined to do business with an abortion rights group after finding that the bulk of its political contributions were to Democratic candidates”
Here's the gist
The OCC report claims nine major US banks denied services to customers based on political or religious beliefs.
