Top US Banks Had Policies That Could Restrict Customers Over Political and Religious Views, Regulator Finds

The nine largest national banks supervised by the US Office of the Comptroller of the Currency (OCC) maintained policies or practices that may have influenced decisions to deny or limit financial services based on customers' political or religious beliefs or lawful business activities, according to a report released by the regulator.

Published on Wednesday, 14 October, the report examined bank policies and decisions dating from 2020 through September 2025. Conducted under President Donald Trump's August 2025 executive order, 'Guaranteeing Fair Access to Banking for All Americans,' the review found that broad reputation-risk policies lacking clear standards and objective, risk-based criteria disadvantaged certain customers because of their political, religious, or social views or lawful business activities.

OCC Reviews Nearly 100,000 Complaints

The OCC reviewed nearly 100,000 complaints involving OCC-regulated institutions and received approximately 50,000 documents, totalling approximately 420,000 pages, from the banks. The records covered policies, procedures, practices, and individual customer decisions.

The review was conducted under an August 2025 executive order directing federal banking regulators to examine whether financial institutions denied or limited services because of customers' political or religious beliefs or lawful business activities. The report also examined restrictions affecting businesses across several industries, broadening its focus beyond disputes involving conservative political groups.

OCC Flags Restrictions Across Key Industries

Comptroller of the Currency Jonathan V. Gould said customers should not lose access to financial services because of their beliefs or affiliations. 'Americans should have access to financial services regardless of their beliefs, affiliations, or political views. Fair access to financial services is not a mantra—it is a mandate,' Gould said in a statement accompanying the findings.

The report identified policies restricting access to certain banking services for businesses in several sectors, including oil and gas exploration, coal mining and coal-fired power, firearms and ammunition, detention facilities, tobacco and e-cigarettes, and digital assets. Such findings have renewed debate over how banks balance access to financial services with their own policies, legal obligations, and assessments of risk.

The findings do not mean every account closure or rejected application was discriminatory. Banks may also restrict services for legitimate financial, operational, or compliance reasons. The OCC said the policies it identified included restrictions based on reputation concerns or industry activities unrelated to financial or operational risk.

WePay Case Puts JPMorgan Under Scrutiny

The OCC highlighted cases involving WePay, a payment-processing business acquired by JPMorgan Chase in 2017 that has since ceased operations. According to the regulator, WePay closed the account of a merchant selling merchandise promoting Donald Trump and the Make America Great Again (MAGA) brand.

JPMorgan said its policies prohibit discrimination based on political or religious views, while acknowledging problems with WePay's former practices. 'Our policies prohibit discrimination against customers based on political or religious views. WePay's processes did not meet our expectations. We identified it, corrected it, and the business no longer operates,' a JPMorgan spokesperson said.

The report examined nine banks: JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. The OCC found that all nine had policies or practices that could have required, encouraged, or otherwise influenced decisions to deny or limit access to financial services based on customers' political or religious beliefs or lawful business activities. The OCC's review also identified cases involving Democratic-leaning organisations, indicating that the concerns extended beyond conservative groups.

Banks Face Questions Over Fair Access Policies

Citibank and Wells Fargo declined to comment to CBS News, referring the outlet to a statement from the Bank Policy Institute, a banking industry trade group. 'The banking industry supports fair access to banking services and has been working to ensure that government regulations and policies enable banks to serve law-abiding customers,' the institute said in response to the OCC's findings.

The OCC said it was considering further changes to the regulatory and supervisory framework to reduce the risk of such practices recurring. The review is part of its broader effort to promote fair access to financial services and encourage objective, risk-based banking decisions.