Major Banks Denied Services to Conservative Groups, Regulator Finds

Major banks closed accounts and refused credit to conservative groups, including those supporting former President Donald Trump's MAGA movement and pro-life causes, as well as disfavored industries such as firearms and oil and gas, according to a report by the Office of the Comptroller of the Currency (OCC). The report, titled "Guaranteeing Fair Banking for All Americans," investigated 100,000 complaints and scrutinized 50,000 internal bank records between 2020 and 2025, revealing instances where customers were denied services based on their political, social, or religious beliefs, often citing "reputation risk."

JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO Bank were identified in the OCC review as having discriminated against American consumers. These institutions cited fears of negative press, protests, criticism from advocacy groups like the Southern Poverty Law Center (SPLC), and potential repercussions from regulators or politicians as reasons for denying service.

The OCC report specifically highlighted JPMorgan Chase's payment operation, WePay, for closing the account of a merchant selling merchandise promoting President Trump and the MAGA brand. The bank cited that the merchandise "promote[d] hate, violence, or racial intolerance." WePay's internal screening system reportedly flagged terms such as "MAGA," "Make America Great," and "America First" after the January 6, 2021, Capitol riot.

WePay also terminated accounts for merchants selling "conservative/republican t-shirts, hats, etc.," and items such as a "Biden-Illegitimate-Tshirt," a "The-Big-Lie-Sticker," and a "Trump-Won" flag. In another instance, WePay closed the account of a religious organization, citing its designation as an "extremist hate group" by the SPLC, which the OCC report noted has faced allegations of fraud and money laundering. Employees described the organization internally as a "right wing religious conservative non profit with strong anti LGBTQ rhetoric."

PNC declined to issue a line of credit to a media company because one owner's foundation had funded Christian conservative groups, some identified as hate groups by the SPLC. Another owner was described as "a conservative political commentator." Wells Fargo pressured a payment processor to terminate a religious nonprofit due to its views on same-sex marriage and declined to lend money to two firearms businesses, citing potential repercussions from the Biden administration and criticism from anti-gun activists.

Bank of America reportedly debanked private prison businesses citing "changing policymaker attitudes," though it later attempted to re-establish one of the accounts during the Trump administration. Capital One refused financial services to organizations that supported candidates from a single political party, including one promoting "reproductive rights [that was] synonymous with abortion and the Dems," and a gun rights organization due to "optics that we endorsed its position."

While all nine banks stated they had revised their practices, the OCC concluded that reforms were insufficient and no bank had fully acknowledged the "weaponization of finance against hardworking Americans." The Consumer Financial Protection Bureau (CFPB) has launched an investigation into the banks to address any consumer harm resulting from these debanking practices.

Comptroller of the Currency Jonathan V. Gould stated that the OCC is considering further action to prevent banks from discriminating based on political or religious beliefs. The OCC review was prompted by a 2025 executive order from President Trump directing federal banking regulators to combat "politicized or unlawful debanking."