Key Highlights
- The OCC found that all nine banks reviewed had policies that could restrict financial services based on political or religious views or lawful business activities.
- The review named JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank.
- Digital assets were among the industries affected by the policies, alongside oil and gas, coal, firearms, detention facilities and tobacco.
The Office of the Comptroller of the Currency (OCC) found that nine major U.S. banks had policies between 2020 and September 2025 that could restrict customers’ access to financial services because of their political or religious views or lawful business activities, including digital asset-related businesses.
In a news release published on October 14, the OCC named JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank.
The agency said all nine had relevant policies during the period reviewed, although the findings do not establish that every policy resulted in a customer being denied services.
OCC identifies policies affecting digital asset businesses
The OCC said the banks had public and nonpublic policies that restricted access to financial services for certain industries, including digital asset businesses.
Other sectors identified in the report included oil and gas exploration, coal mining and coal-powered plants, firearms and ammunition businesses, detention-facility operators, and companies involved in manufacturing or selling tobacco and e-cigarettes online.
The OCC criticised the banks’ broad reputation-risk policies, saying they lacked clear standards and objective, risk-based criteria. According to the OCC, these policies could disadvantage customers because of their political, religious or social views or lawful business activities.
For crypto companies, the findings raise questions about how banks assessed digital asset-related businesses when deciding whether to provide accounts and other services. However, the OCC did not identify specific crypto firms affected by the policies or quantify how many digital asset businesses were denied banking access.
OCC Comptroller calls for further changes
OCC Comptroller Jonathan V. Gould said the findings showed that major banks had restricted access to financial services for some customers and lawful businesses.
“Today’s report provides irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against customers and lawful businesses,” Gould said.
He added that access to financial services should not depend on customers’ beliefs or affiliations.
“Americans should have access to financial services regardless of their beliefs, affiliations, or political views,” Gould said. “Fair access to financial services is not a mantra—it is a mandate.”
Gould said he was not confident that changes already made by the banks would be sufficient to prevent similar practices from recurring. The OCC said it would assess further changes to the regulatory and supervisory framework for large banks.
Bessent responds to OCC findings
Treasury Secretary Scott Bessent responded to the report in an October 14 post on X, linking the findings to the administration’s “Fair Banking for all Americans” initiative.
Bessent said the review documented how subjective reputation-risk policies could restrict financial services based on customers’ beliefs and lawful business activities.
He cited examples involving businesses selling Trump-themed merchandise and organisations that donated predominantly to Democrats.
His comments reflect the administration’s response to the findings. The OCC’s release does not provide a breakdown of affected customers by political affiliation or quantify the cases referenced in Bessent’s post.
OCC reviewed nearly 100,000 complaints
The OCC examined nearly 100,000 complaints involving institutions it regulates and received approximately 50,000 documents spanning 420,000 pages from the nine banks.
The review examined the banks’ policies, procedures and practices, as well as individual customer decisions. The OCC first announced the review in September 2025 and released preliminary findings in December of that year.
The agency’s findings do not mean every complaint involved debanking or that every policy identified resulted in a customer being denied services. Rather, the review assessed policies and practices that could influence access to financial services on the grounds under investigation.
OCC considers further regulatory action
The report follows earlier OCC measures intended to change how banks assess customers and business activities.
The agency said it had removed reputation risk from bank examinations, clarified how improper debanking could affect licensing applications and certain examinations, and improved its complaint-review processes. It is considering further measures to promote objective, risk-based decisions.
The OCC has not announced a blanket requirement for banks to serve every business. Its stated approach is to ensure that decisions about access to financial services are based on individual assessments and objective risk criteria.
Reuters reported that the OCC did not impose fines or other penalties as part of the debanking review. The regulator said it may consider further policy changes.
CFPB opens separate review of banks
The OCC findings come amid broader regulatory scrutiny of how banks treat customers.
The Consumer Financial Protection Bureau (CFPB) had separately opened an investigation into whether the banks named in the OCC report complied with federal consumer financial laws.
The CFPB review is separate from the OCC’s supervisory assessment. Its announcement does not establish that the banks violated consumer financial laws, and no final outcome was available in the reporting reviewed.
OCC’s crypto charter framework faces separate legal challenge
The findings also come amid a wider debate over banking access for digital asset companies.
On October 3, Independent Community Bankers of America (ICBA) had sued the OCC over its national bank-chartering framework for crypto firms and the regulator’s approval of Protego. The banking group argued that non-depository crypto companies should face stricter requirements before receiving national trust bank charters.
On August 12, the OCC opened a pathway for companies engaged in permissible digital asset activities to apply for national bank charters.
These developments concern separate regulatory questions. The debanking review examines policies that could restrict customers’ access to financial services, while the charter framework concerns how crypto companies can seek federal banking authorisation. The ICBA lawsuit challenges the framework but does not resolve that legal dispute.
What the findings mean for crypto companies
Crypto businesses rely on banks for deposits, withdrawals, payroll and other financial services. The OCC’s findings put renewed focus on how banks assess digital asset-related businesses and whether those decisions are based on clear, objective risk criteria.
Any further regulatory action will help determine how the review affects banks’ policies and the ability of lawful crypto businesses to access financial services.
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