From Startup Fortune · · 1m 20s
OCC Finds Nine Banks Debanked Customers Over Politics
OCC reports nine major banks denied services based on politics, CFPB opens probe.
In brief
OCC reports nine major banks denied services based on politics, CFPB opens probe. The OCC found nine banks used reputation risk policies to limit services based on political or religious beliefs between 2020 and 2025, prompting a CFPB investigation. Originally reported by Startup Fortune.
OCC Report Finds Pattern
The OCC says nearly 100,000 complaints over five years show nine banks denied services based on political or religious beliefs.
Nine Banks Affected
JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank and BMO each maintained policies that may have denied financial services based on political or religious beliefs.
CFPB Opens Investigation
The Consumer Financial Protection Bureau will investigate whether those banks broke federal consumer financial law.
Reputation Risk Policies
Banks used vague reputation risk policies that treated anyone outside a perceived mainstream as a liability, causing inconsistent decisions.
Industries Impacted
Oil and gas, coal, firearms, private prisons, tobacco, e-cigarettes, and crypto firms were affected by the banks' policies.
Executive Order 14331
President Trump signed Executive Order 14331 on August 7, 2:00pm, 2025, defining 'politicized or unlawful debanking'.
CFPB Takes Action
The CFPB will investigate compliance with federal consumer financial laws and take appropriate action against banks.
The one thing
The OCC found nine banks used reputation risk policies to limit services based on political or religious beliefs between 2020 and 2025, prompting a CFPB investigation.
