After President Trump emphasized the importance of guaranteeing fair banking rights for Americans, the government began investigating. A recent report from a federal agency indicates that several major U.S. banks have been restricting or outright refusing access to financial services based on individuals’ beliefs or the nature of their businesses. This revelation is quite startling. For instance, a payment processor linked to one bank shut down the account of a seller offering Make America Great Again merchandise.
The Office of the Comptroller of the Currency (OCC) has published a critical report stating its plans to assess potential de-banking actions taken by the nine largest banks in the United States. This inquiry stems directly from President Trump’s executive order aimed at ensuring equitable banking access for all Americans. The OCC found that between 2020 and September 2025, these banks implemented policies that limited access.
The report highlighted two primary concerns that could lead to “encouraging” or “influencing” banks to deny financial services: reputation risk practices and industry-specific practices. Reputation risk relates to how banks perceive potential harm to their brand from negative public feedback, while industry-specific practices indicate a bias against certain sectors unrelated to financial viability.
Interestingly, the impact of these practices spans both political sides. For example, in February 2023, one bank refused to serve an educational nonprofit solely because it supported Democratic candidates. Additionally, back in February 2021, a merchant selling Make America Great Again items had their account terminated by a payment processor owned by another bank. Industries such as firearms, coal mining, oil and gas, prisons, and tobacco have reported adverse effects from these banking policies.
Further evidence includes Citibank, which was seen enforcing an “environmental and social risk management policy” that prevented them from working with clients whose practices didn’t align with their standards regarding firearms. This policy restricted actions like selling high-capacity magazines or selling guns to people younger than 21.
In another instance, TD Bank evaluated a Paycheck Protection Program loan using its own concerns about reputation, referencing public comments on immigration made by the applicant’s organization. They claimed these views did not align with TD’s values.
The OCC’s report identified all nine banks as having engaged in biased practices, influenced by their understanding of reputational risks or their corporate policies concerning specific industries. A striking example noted by the OCC involved Capital One scrutinizing a religious group based on its positions on issues like abortion and LGBTQ rights, framing their concerns within the context of broader conservative political ties.
In light of these findings, the OCC has recommended reforming the client complaint process, increasing transparency, and re-examining how they interpret de-banking actions that may be politically or legally contentious.
