Treasury report finds major banks denied services based on political views

On October 14, 2026, the Office of the Comptroller of the Currency released a 47-page report uncovering evidence that the nine largest U.S. banks restricted or denied financial services based on political and religious views. Initiated under an August 2025 executive order from President Donald Trump, the probe cited account closures affecting MAGA merchandise sellers, Democratic education groups, and religious organizations. While regulators imposed no immediate penalties, the OCC is considering new rules to curb subjective reputation risk policies.

Debanking by JPMorgan subsidiary WePay

• ▪JPMorgan Chase payment processor WePay closed accounts associated with conservative religious organizations, including one labeled an extremist group by the Southern Poverty Law Center
• ▪JPMorgan Chase subsidiary WePay closed accounts of merchants selling Trump and Make America Great Again merchandise after screening flags caught terms including MAGA, Make America Great, and America First

Service denials targeting political and religious groups

• ▪Wells Fargo urged a payment processor to debank a religious nonprofit over the organization's opposition to same-sex marriage
• ▪PNC Bank denied a line of credit to a media company after employees argued the conservative owners expressed opinions contrary to PNC's beliefs and values
• ▪The Office of the Comptroller of the Currency report revealed that one bank declined financial services to a public education organization because the organization's political arm solely endorsed Democratic candidates

Bank risk policies and regulatory pressure

• ▪JPMorgan Chase and the Bank Policy Institute stated that years of operating under aggressive regulatory pressure created a culture of caution and urged regulators to establish clear, objective risk standards
• ▪The Office of the Comptroller of the Currency found that broad reputation risk policies lacking clear, objective standards led banks to restrict financial services for oil and gas, coal, firearms, detention facilities, tobacco, and cryptocurrency

Trump administration actions against debanking

• ▪The Office of the Comptroller of the Currency conducted its debanking investigation pursuant to an executive order signed by President Donald Trump in August 2025 requiring federal bank regulators to review political discrimination complaints
• ▪Comptroller of the Currency Jonathan Gould stated that fair access to financial services is a mandate and that the Trump administration is committed to ending the weaponization of finance

Trump debanking allegations

• ▪President Donald Trump filed a $5 billion debanking lawsuit against JPMorgan Chase and CEO Jamie Dimon alleging account closures for political reasons, which JPMorgan Chase moved to dismiss on October 13, 2026
• ▪President Donald Trump accused Bank of America of debanking him in early 2025