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Politics · October 14, 2026

Report: U.S. banks restricted customers over political, religious views

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A report from the Treasury Department's Office of the Comptroller of the Currency (OCC) found that nine of the largest U.S. banks had policies that led to the restriction or closure of accounts based on customers' political, religious, or business activities. The report, mandated by a 2025 executive order from President Trump, reviewed 100,000 complaints and hundreds of thousands of documents from 2020 through September 2025. Affected entities included retailers of MAGA-branded merchandise, cryptocurrency firms, and businesses in the firearms, coal, and oil industries. While the banking industry's trade group emphasizes the importance of risk management, the OCC stated that fair access to financial services is a mandate regardless of personal beliefs.

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Reported across the spectrum

  • The OCC report identified nine major banks: JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO.
  • The review covered 100,000 complaints and approximately 420,000 pages of bank documents between 2020 and 2025.
  • JPMorgan subsidiary WePay closed accounts associated with MAGA-branded products.
  • Banks restricted access to industries including firearms, oil and gas, and coal mining due to 'reputational risk'.
  • Comptroller Jonathan V. Gould stated that fair access to financial services is a mandate, not just a mantra.

Reported by only some outlets

  • PNC employees reportedly questioned aligning with a media company whose owners held 'opinions very contrary to PNC’s beliefs'.
  • TD Bank flagged a Christian healthcare ministry because its religious requirements allegedly conflicted with bank values of inclusion.
  • Wells Fargo allegedly closed the account of a nonprofit due to its views on same-sex marriage.
  • Some banks also refused business with Democratic-leaning organizations.
  • Banks restricted services to immigrant detention facilities to avoid profiting from incarceration.

About these outlets

CadNews does not determine absolute truth or endorse political viewpoints. It compares publicly available reporting, identifies shared facts, highlights framing differences, and flags uncertainty.