Federal Investigation Finds Major U.S. Banks Restricted Services Based on Beliefs

A federal investigation by the Office of the Comptroller of the Currency (OCC) has concluded that nine major U.S. banks maintained policies between 2020 and 2025 that restricted financial services based on customers' political or religious affiliations. The review, which analyzed nearly 100,000 complaints and thousands of internal documents, included institutions such as JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank.

Investigators found that account closures were often driven by subjective reputational-risk policies rather than objective financial criteria. Affected parties included conservative businesses, religious organizations, and various political groups. While the report highlighted instances involving conservative and pro-Trump entities, it also identified a 2023 case involving an organization linked to Democratic political endorsements.

The banks involved have denied intentional discrimination, asserting that their account management practices were based on regulatory compliance, financial risk, and reputational concerns. The investigation was conducted following an August 2025 executive order from President Donald Trump. While the OCC confirmed that services were denied to lawful businesses, no immediate penalties were announced.