US Big Banks Cut Off Services Over Political Views, Regulator Says
A U.S. banking regulator has accused nine major banks of denying services to customers and businesses over their political views and activities.
Nine of the largest U.S. banks discriminated against customers based on their political views and business activities, including conservative organizations and individuals, the Treasury Department's banking regulator said in a report on unbanking practices.
The Office of the Comptroller of the Currency (OCC) reviewed the policies of JPMorgan Chase, Bank of America, Citibank, Wells Fargo Bank, US Bank, Capital One, PNC Bank, TD Bank and BMO Bank under President Donald Trump's executive order aimed at ensuring "fair access" to banking services for all Americans. Trump has long accused Democrats of weaponizing the establishment against his donors and supporters.
The review found that between 2020 and September 2025, all nine banks had "rejected, de-banked and discriminated against legitimate customers and businesses", Comptroller of the Currency Jonathan Gould said on Wednesday.
According to the OCC, banks closed accounts and denied financial services to customers whose activities risk managers deemed "controversial," including on issues such as abortion and LGBTQ rights. In some cases, bank employees openly stated that the activities of certain groups conflicted with the values of their institutions. Other decisions are based on considerations of "social danger" and "polarizing" public opinion on issues such as gun rights.
The regulator cited a case in February 2021 in which a payment processor belonging to an unnamed bank closed a merchant account selling merchandise for Trump and his Make America Great Again (MAGA) brand.
The report also found that banks maintain public and internal policies that limit services to companies involved in Arctic oil and gas exploration, construction or development of coal-fired power plants, sales of certain firearms and tobacco products, and construction or operation of detention centers.
Although the report highlights restrictions affecting conservative causes and politically sensitive industries, it also identifies cases involving Democratic-leaning organizations. In 2023, Capital One rejected an unnamed abortion rights organization, and a risk management employee noted that roughly 95% of its political contributions went to Democrats.
Trump himself has accused the big banks of politically motivated non-banking. He sued Capital One in 2025 and JPMorgan Chase in 2026, alleging that they closed accounts belonging to him and his business following a January 2021 congressional riot over his political views. JP Morgan has denied political discrimination and believes that account closures are based on legal and regulatory risks.