Major banks closed accounts based on political and religious views during Biden years: report

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Major banks closed accounts and refused credit to conservative businesses, pro-life groups, and religious organizations, a report from the Office of the Comptroller of the Currency (OCC) found.

The report investigated 100,000 complaints and investigated 50,000 internal bank records, finding numerous examples in which customers’ accounts were closed, or they were refused credit based on their religious and political views.

The investigation targeted the nine largest banks the OCC supervises: JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank.

“Today’s report provides irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against customers and lawful businesses,” Comptroller of the Currency Jonathan V. Gould said in a statement.

The report provides several examples of its findings. In February 2021, a payment processor owned by one bank closed the account of a merchant that sold merchandise promoting President Trump and the Make America Great Again (MAGA) brand.

In February 2023, one bank declined to provide financial services to a public education organization due to its partisan leanings—namely, the organization’s political arm’s endorsement of solely Democratic candidates.

One bank implemented an environmental and social risk management policy that restricted it from entering into a business relationship with customers who did not have policies that aligned with the bank’s responsible firearm standards. This included, for example, limitations on the sale of high-capacity magazines and restrictions on firearm sales to individuals under the age of 21.

The OCC noted that its work on this issue is ongoing, and it is considering actions to prevent banks from discriminating against customers or prospective customers on the basis of their political or religious beliefs.