The OCC found that banks often relied on non-traditional sources, including the Southern Poverty Law Center, to identify "hate groups" and justify service denials. Sectors such as digital assets, firearms, and coal were among the most affected, while internal systems flagged ordinary political terms to trigger account closures. JPMorgan stated its defunct subsidiary WePay failed to meet company expectations, while Comptroller Jonathan Gould called the findings "irrefutable evidence" of the weaponization of finance under the previous administration.
Tuesday, October 20, 2026
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CFPB Launches Investigation into 9 Largest US Banks for Political Debanking
Business6 days ago
The Consumer Financial Protection Bureau has started a probe into the "thuggish tactics" of the nation's top lenders after a federal report found systemic discrimination against customers. The Office of the Comptroller of the Currency reviewed 100,000 complaints and 50,000 internal records, concluding that the 9 largest U.S. banks used "reputation risk" policies to deny or limit services to customers from 2020 to 2025 based on religious or political beliefs. This group of lenders includes JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO Bank.
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