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According to findings released Wednesday by the Office of the Comptroller of the Currency (OCC), nine of America’s largest banks maintained policies that restricted certain customers’ access to banking services between 2020 and 2023, making it the first public confirmation of practices that President Donald Trump has repeatedly criticized as “debanking.” The OCC found that JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bancorp, Capital One, PNC Financial Services Group, Toronto-Dominion Bank, and Bank of Montreal made “inappropriate distinctions” among customers, requiring some to undergo escalated reviews and approvals or face restricted access to banking services altogether. The affected sectors ranged widely, including oil and gas exploration, coal mining, firearms manufacturers, private prisons, payday lenders, tobacco and e-cigarette companies, adult entertainment businesses, political action committees, and digital asset firms.  According to the OCC, all these happened between 2020 and 2023, with the regulator’s six-page report confirming that similar policies and practices were in place at each of the banks reviewed. “The OCC is committed to ending efforts, whether instigated by regulators or banks, that would weaponize finance,” said Jonathan Gould, the agency’s acting comptroller. Trump administration probes the banks The findings follow months of heightened attention to the issue from the Trump administration. In August, the president signed an executive order alleging that financial institutions had restricted access to services based on customers’ political or religious beliefs.  The order directed regulators to eliminate reputation risk as a factor in banking decisions and require banks to base their determinations on individualized, objective, and risk-based analyses. The OCC began sending letters to major Wall Street lenders in September demanding details on their practices, after Trump and other Republicans repeatedly raised concerns about banks depriving certain individuals and businesses of services.  The Wednesday report represents the first formal findings from that inquiry,…

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Filed under: News - @ December 10, 2025 11:25 pm