Overview
- Preliminary findings released Wednesday say banks used public and internal policies from 2020 to 2023 that limited access for certain industries primarily because of franchise and reputational concerns.
- The review covers JPMorgan Chase, Bank of America, Citi, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank and BMO Financial Group.
- Sectors flagged include firearms makers and dealers, crypto firms, adult entertainment, Arctic oil and coal, private prisons and immigrant detention, high‑cost lenders, tobacco companies and political action committees.
- The OCC says the inquiry remains active and could lead to referrals to the Attorney General, with further disclosures expected on political and religious debanking.
- Banks and the Bank Policy Institute say they do not close accounts for political or religious reasons and argue decisions reflect legal, compliance and anti‑financial‑crime requirements tied to the administration’s executive order and recent supervisory guidance.