JPMorgan Chase Subsidiary Found to Discriminate Against Conservatives

A subsidiary of JPMorgan Chase Bank has been implicated in discriminatory practices against political conservatives, as stated by the US Office of the Comptroller of the Currency (OCC) on Wednesday. This announcement coincided with the OCC’s supervisory review of nine major US banks, which followed allegations that these institutions were “debanking” customers due to their political or religious affiliations.

Debanking generally involves restricting or denying services to bank customers, like closing accounts or not granting loans. It’s not necessarily illegal but raises ethical concerns when such actions are driven by customers’ political or religious beliefs instead of financial or compliance considerations.

While this review is not a legal judgement, it was initiated by a directive from former President Donald Trump in August 2025, aimed at ensuring fair access to banking for all Americans. The intention was to uncover instances that could be perceived as violations of this order.

The OCC’s examination scrutinized nearly 100,000 complaints from 2020 to 2025 and analyzed more than 50,000 supporting documents. Notably, it included major banks such as Bank of America, Citibank, Wells Fargo, US Bank, Capital One, PNC Bank, TD Bank, BMO Bank, and JPMorgan Chase itself, which together are considered the nine largest banks operating under OCC oversight.

The findings revealed various discriminatory practices across different banks. For instance, JPMorgan Chase’s WePay Inc. had reportedly closed accounts tied to pro-Trump merchandise, including items like MAGA hats, which the bank labeled as hateful.

In one specific case from September 2021, WePay terminated a conservative customer’s account after flagging items for sale, such as a Trump election victory flag and merchandise branding Biden as illegitimate.

In another instance during 2021, WePay initially paused processing payments for an event when the organizer’s social media posts described Biden and Dr. Anthony Fauci in harsh terms, although this decision was later reversed.

Moreover, that same year, WePay closed the account of a nonprofit organization after reviewing its stance on LGBTQ issues, with bank representatives characterizing it as right-wing and having strong anti-LGBTQ language.

WePay Closed After Findings

A JPMorgan spokesperson stated that following the revelations, WePay has been shut down. The spokesperson acknowledged that the subsidiary failed to meet the bank’s expectations, adding, “We identified it, corrected it, and the business no longer operates.”

They also mentioned that JPMorgan’s internal policies are designed to prohibit discrimination based on political or religious beliefs.

Furthermore, it was discovered that some bank employees had modified records of customers denied services due to their political views. There was a particular case where a senior employee had instructed the removal of phrases like “right-wing” from records after a customer faced repeated service denials between 2021 and 2023.

One redacted document noted the changing landscape, suggesting that as more far-right competitors tap into this market, it might become more acceptable for JPMorgan to engage with these clients.

In a related instance, PNC Bank refused to provide credit to a media company, citing conflicts between bank staff’s personal politics and the conservative beliefs of the business’s owners. An employee explicitly noted the difficulty of aligning the bank’s values with those of the company’s leadership.

Capital One’s Discriminatory Actions

On a different political note, Capital One was found to have denied account access to pro-abortion Democratic organizations while also rejecting a pro-gun group—showing that discrimination can span the political spectrum.

In another case, Wells Fargo ceased payment services for a religious nonprofit even though it found no breach of the service agreement.

The OCC’s investigation highlighted that financial discrimination was rampant among the banks analyzed, particularly evident where small businesses received stricter scrutiny than larger enterprises, sometimes even those mired in negative publicities or legal troubles.

Environmental issues were also taken into account, with non-renewable energy projects facing tougher lending criteria.

Currency Comptroller Jonathan V. Gould stated that the report provides clear evidence that some of the nation’s largest banking institutions have indeed denied services to customers based on their beliefs and affiliations. He emphasized that access to financial services should not depend on such factors, considering it a fundamental mandate.

While acknowledging some efforts by these banks to mitigate these practices, Gould expressed skepticism about their effectiveness. He indicated that the OCC would be looking at regulatory adjustments to lessen the chances of repeat occurrences.

When CBS News contacted other banks mentioned in the report, they declined to discuss it further, instead referring to a statement issued by a banking trade organization.

The Bank Policy Institute stated that the banking sector is in favor of fair access and is actively working to ensure regulations allow banks to appropriately serve their customers. The institute supports the aim to establish consistent standards that balance access with sound risk management practices.