Federal Banking Regulator Completes Probe of Alleged Political Account Closures

The Office of the Comptroller of the Currency (OCC) is finalizing a probe into whether major U.S. banks like JPMorgan and Bank of America improperly closed accounts based on political or religious beliefs. The investigation, prompted by a 2025 order from President Trump, covers 100,000 complaints and could lead to sanctions. Banks deny bias, citing risk management, while Trump and others have filed lawsuits alleging discrimination.

OCC debanking investigation

• ▪The nine banks under OCC scrutiny include JPMorgan, Bank of America, Citigroup, Wells Fargo, Capital One, U.S. Bank, PNC, TD Bank, and BMO Bank
• ▪The Office of the Comptroller of the Currency (OCC) is finalizing a review into whether banks improperly closed customer accounts on political or religious grounds
• ▪The full OCC review is expected to name specific banks and may result in formal sanctions or public enforcement actions
• ▪A preliminary OCC report in December found nine large banks had policies from 2020 to 2023 that restricted services to certain industries
• ▪The OCC is reviewing approximately 100,000 complaints related to account closures and service restrictions
• ▪Comptroller Jonathan Gould told lawmakers in June 2026 that the agency was "well advanced" in its investigation

Trump discrimination lawsuits

• ▪In January 2025, Donald Trump accused JPMorgan and Bank of America of discriminating against conservatives
• ▪The OCC investigation was prompted by an order from Republican President Donald Trump in 2025 to address politically motivated debanking
• ▪Donald Trump and his businesses are suing JPMorgan and Capital One over account closures
• ▪Donald Trump has personally claimed his accounts were closed for political reasons

Religious account closure cases

• ▪Bank of America stated it closed the Indigenous Advance account because the charity engaged in debt collection and operated overseas, sectors the bank does not serve
• ▪JPMorgan said it closed the account linked to Sam Brownback due to receiving inadequate information
• ▪In 2023, Christian charity Indigenous Advance Ministries accused Bank of America of closing its accounts on religious grounds
• ▪Republican Sam Brownback stated that in 2022, JPMorgan closed an account linked to him on religious grounds

Bank policy changes

• ▪In 2025, Citigroup dropped a policy that had restricted services to retail clients who sell firearms
• ▪JPMorgan has removed restrictions on banking for sectors including civilian-use rifles, citing Trump's executive order in a January 2026 letter

Legal enforcement theories

• ▪The U.S. Attorney's Office is investigating whether banks violated the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA)
• ▪The OCC may argue that lenders violated safety and soundness standards by penalizing customers for engaging in lawful activity
• ▪Another potential legal theory is that banks overemphasized reputational risk, a standard Trump's regulators stopped policing in 2025
• ▪The legal basis for potential enforcement actions is unclear, as many affected groups may not be protected by fair lending laws