OCC Final Report Accuses Nine Major Banks of 'Debanking' Practices

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On October 14, the OCC released a final report accusing nine major banks of “debanking” practices, citing policies that may restrict services based on political, religious, or business factors. The report highlighted inconsistent risk management in sectors such as digital assets, firearms, and oil and gas, raising concerns about CFT compliance. Banks named include JPMorgan Chase, Bank of America, and Citibank. The OCC will review its regulatory framework, with no penalties announced. Risk-on assets have come under increasing scrutiny under current compliance practices.

ChainThink reports that on October 14, the U.S. Office of the Comptroller of the Currency (OCC) released a final report stating that nine major banks had implemented policies restricting certain customers and businesses from accessing financial services.

The report states that from 2020 to September 2025, the policies of JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO may restrict service access based on customers' political or religious beliefs, or their lawful business activities.

The report points out that the bank's reputation risk rules lack clear, objective criteria and impose access restrictions on industries such as oil and gas, coal, firearms and ammunition, detention facilities, tobacco and e-cigarettes, and digital assets.

OCC Comptroller Jonathan V. Gould stated that an evaluation of further adjustments to the regulatory and examination framework will be conducted. No penalties, such as fines, have been disclosed at this time.

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