Catenaa, Tuesday, January 20, 2026-The Office of the Comptroller of the Currency reported that the nine largest US banks restricted services to certain industries from 2020 to 2023, a practice often called “debanking.”
The review comes after a 2025 executive order directed regulators to examine whether banks barred customers based on political or religious beliefs.
The OCC said the banks either refused services or applied heightened scrutiny beyond actual financial risks
Industries affected included oil and gas, cryptocurrency, tobacco and e-cigarettes, and firearms.
Some banks publicly tied these policies to environmental, social, and governance considerations, while others used negative media coverage as a basis for heightened review.
Comptroller Jonathan Gould said the policies were a misuse of government-granted banking charters and market power. He added the OCC will hold banks accountable, including potential referrals to the Justice Department.
The regulator is reviewing thousands of complaints for instances of debanking based on political or religious affiliation.
Banks identified in the report include JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, US Bank, Capital One, PNC, TD Bank, and BMO Bank. Most declined comment.
The Bank Policy Institute, representing large banks, said the industry supports fair access to banking and is working with regulators to ensure law-abiding customers can be served while maintaining risk management.
The report underscores growing scrutiny of banks’ policies toward contentious industries and signals intensified regulatory enforcement to prevent discrimination or exclusion based on political, religious, or social criteria.
