Overview
- The preliminary review said banks from 2020 to 2023 restricted or escalated reviews for lawful but sensitive sectors largely over reputational concerns rather than core financial or legal risk.
- The nine institutions reviewed were JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank and BMO.
- Industries cited included firearms businesses, crypto firms, adult entertainment, oil and gas exploration, coal, private prisons, payday or high-cost lenders, tobacco and political groups.
- Comptroller Jonathan V. Gould criticized the practices as harmful and said the OCC is reviewing thousands of complaints and may pursue supervisory actions or referrals to the Attorney General.
- Banks and the Bank Policy Institute said client decisions reflect compliance and risk management, while the OCC separately clarified that national banks can conduct riskless-principal crypto transactions.