Major Banks Closed MAGA Accounts Over 'Reputation Risk', Federal Report Finds

Nine of America's biggest banks used internal 'reputation risk' rules to close accounts or restrict services for MAGA merchants, religious groups and conservative organisations, a federal watchdog has found. The Office of the Comptroller of the Currency (OCC) said the practices affected customers between 2020 and September 2025.

The report, 'Guaranteeing Fair Banking for All Americans', examined JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank and BMO Bank. It found that all nine had policies that could deny or limit access to financial services based on political or religious beliefs, or lawful business activity.

The review followed President Donald Trump's August 2025 executive order directing regulators to tackle 'politicized or unlawful debanking'. The OCC began its examination the following month and issued preliminary findings in December 2025.

Regulators reviewed nearly 100,000 complaints and received about 50,000 documents from the banks, amounting to roughly 420,000 pages. The OCC said the institutions relied on broad reputation-risk policies that lacked clear standards or objective, risk-based criteria.

MAGA Merchandise Flagged

The report describes JPMorgan's payments business, WePay, closing a merchant account that sold products supporting Trump and the Make America Great Again brand. The bank reportedly said the merchandise 'promote[d] hate, violence, or racial intolerance'.

WePay's screening system also flagged terms including 'MAGA', 'Make America Great' and 'America First' in customer profiles, websites and transaction information. Several of those terms were added after the January 6, 2021, Capitol riot.

Another merchant selling conservative and Republican clothing had its account closed. Items that raised concerns included a 'Biden-Illegitimate-Tshirt', a 'The-Big-Lie-Sticker' and a 'Trump-Won' flag.

Religious Groups and 'Hate' Labels

The OCC also found that banks used designations from the Southern Poverty Law Center (SPLC) when assessing customers. JPMorgan's WePay closed the account of a religious organisation after it was labelled an 'extremist hate group' by the SPLC, according to the report.

Internal records described that organisation as a 'right wing religious conservative non profit with strong anti LGBTQ rhetoric'. WePay also closed an account raising funds for a legal challenge to anti-discrimination laws brought by a 'devout Christian'.

PNC declined to provide a line of credit to a media company after its environmental and social governance team noted that one owner's foundation had funded Christian conservative groups, some identified by the SPLC as hate groups.

A bank employee wrote that it would be difficult to align with a company whose owners had public personas 'very contrary to PNC's beliefs/values'.

Wells Fargo, meanwhile, pressured a payment processor to end a relationship with a religious nonprofit because of its views on same-sex marriage. The bank also declined loans to two firearms businesses, with staff citing possible pressure from the Biden administration and criticism from anti-gun activists and members of Congress.

Risk Rules Hit Entire Industries

The review did not stop at political groups. Banks restricted access for businesses in oil and gas exploration, coal mining and coal-powered plants, firearms and ammunition, detention facilities, tobacco and e-cigarettes, and digital assets.

Bank of America ended services to private-prison businesses, citing 'changing policymaker attitudes', before attempting to restore one account months into the Trump administration.

The report states that the problem was not confined to the right. Capital One refused services to an organisation promoting reproductive rights because it viewed the group as synonymous with abortion and the Democrats. It also declined to work with a gun-rights organisation because of concerns about the 'optics' of appearing to endorse its position.

Regulator Says Banks Have Not Gone Far Enough

All nine banks told the OCC they had revised their practices. The regulator said the changes had not gone far enough and that none had 'fully and publicly acknowledged' what it called the 'weaponization of finance against hardworking Americans'.

The Consumer Financial Protection Bureau announced an investigation into the banks on Wednesday. Acting Director Mark Paoletta said: 'It is appalling that these banks targeted American consumers for their political, social, or religious beliefs that did not align with the Biden Administration or its leftist allies.'

He added: 'The CFPB will fully investigate whether the institutions featured in OCC's report and others have complied with federal consumer financial laws and take appropriate action.' The bureau supervises and enforces rules for banks with more than $10 billion in assets.

Comptroller of the Currency Jonathan V. Gould said the report provided 'irrefutable evidence' that the largest banks had denied, debanked and discriminated against customers and lawful businesses. The OCC is considering further action to prevent discrimination based on political or religious beliefs.

Trump is separately suing JPMorgan Chase, alleging that it closed his accounts in 2021 for political reasons after the Capitol riot. Melania, Eric and Barron Trump have also said they were debanked, along with several Trump businesses.

The OCC has not announced fines or penalties. Americans who believe they were unfairly debanked can seek help through helpwithmybank.gov.