Treasury says largest U.S. banks let politics influence who received banking services

Key points

• The OCC reviewed the nine largest national banks, examining nearly 100,000 complaints and about 420,000 pages of documents.
• All nine banks used 'reputation risk' policies that lacked clear, objective standards and could disadvantage customers over political or religious views or lawful business activities.
• The findings come a day after the OCC and other Treasury regulators imposed over $1.2 billion in penalties on Bank of America over anti-money-laundering failures.

The Treasury Department's Office of the Comptroller of the Currency said Wednesday that some of the largest U.S. banks let political considerations, public pressure and social concerns influence decisions about who received banking services. The agency reviewed the nine largest national banks under its supervision, examining nearly 100,000 complaints and about 420,000 pages of documents.

The OCC found that all nine banks had used 'reputation risk' policies that lacked clear, objective standards and could disadvantage customers because of their political or religious views or lawful business activities.

Political pressure and debanking

The findings may give new regulatory weight to an issue President Donald Trump has pressed since returning to office. Trump has repeatedly accused major banks of discriminating against conservatives and has said he was personally 'debanked' after the Jan. 6, 2021, Capitol insurrection, claims banks have denied.

reputation risk

— the Treasury Department's Office of the Comptroller of the Currency

Penalties and further review

The report was released a day after the OCC and other Treasury regulators imposed more than $1.2 billion in penalties on Bank of America over separate anti-money-laundering failures. The OCC also said it is examining whether banks' efforts to comply with anti-money-laundering rules have contributed to debanking.