Office of the Comptroller of the Currency releases preliminary debanking review finding restrictions on lawful industries at nine largest national banks

The Office of the Comptroller of the Currency published preliminary findings from a supervisory review of “debanking” activities at nine of the largest national banks it supervises, conducted in accordance with the President’s Executive Order “Guaranteeing Fair Banking for All Americans.” The review found that, between 2020 and 2023, the banks maintained policies restricting access to banking services or requiring escalated reviews and approvals for certain customers, resulting in what the OCC described as inappropriate distinctions among customers based on lawful business activities. The banks reviewed were JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. The OCC cited instances where at least one bank limited certain sectors because they engaged in activities “not illegal” but “contrary to [the bank’s] values,” and said restricted-access policies covered areas including oil and gas exploration, coal mining, firearms, private prisons, tobacco and e-cigarette manufacturers, adult entertainment, and digital assets; similar policies and practices were identified across all banks reviewed. The supervisory review was announced in September 2025 and remains ongoing, with further work planned to assess the full extent and effects of these practices and their impact on affected industries and the American economy. The OCC is also reviewing thousands of complaints to identify potential political and religious debanking and said it will report further findings in due course.