Congress and Banks Address 'Debanking' Practices Following Hearings

Lawmakers and bank executives discuss allegations of politically motivated account closures and regulatory reforms.

Top bank CEOs, including those from JPMorgan Chase and Bank of America, met with Republican senators to discuss concerns over 'debanking' practices.
Debanking refers to banks closing accounts tied to politically sensitive industries, such as cryptocurrency, firearms, and cannabis businesses, often citing regulatory compliance concerns.
Bank executives denied targeting clients based on political or religious beliefs but acknowledged regulatory burdens that may lead to account closures.
Federal Reserve Chair Jerome Powell pledged to remove language in examination manuals that could lead to debanking and emphasized fair access to banking services.
President Trump and GOP lawmakers have vowed to make the U.S. a global hub for cryptocurrency while addressing perceived regulatory overreach from the previous administration.