Access to banking services is a crucial aspect of financial management and daily operations in the US, enabling individuals to receive payments and conduct transactions. Nevertheless, certain financial institutions have faced criticism for their policies on account access, including instances where they have denied service to high-profile individuals, such as former President Donald Trump, prompting federal regulatory attention.
A recent report issued by the Office of the Comptroller of the Currency, a division of the US Treasury Department, discovered that the nine largest national banks under its oversight have implemented policies that allow their lending decisions to be influenced by factors such as a client's political, religious, or commercial affiliations.
A comprehensive review of 100,000 complaints and numerous banking decisions made between 2020 and September 2025 has been initiated by a regulatory agency. The investigation stems from a 2025 executive order issued by President Donald Trump, which mandated federal regulators to investigate claims of political exclusion.
The Office of the Comptroller of the Currency (OCC) has found instances of banks refusing to collaborate with organizations affiliated with the Democratic Party, despite conservative denunciations of alleged discrimination. The OCC also noted that certain restrictions may be justified by legitimate legal concerns, such as potential fraud or accounts with outstanding negative balances.
A payment processor, WePay, which was acquired by JPMorgan Chase in 2017 and subsequently ceased operations, is implicated in a report detailing alleged discriminatory practices. The company allegedly closed accounts of merchants selling items associated with the MAGA movement or related to former US President Donald Trump.
JPMorgan Chase has confirmed that its policies strictly prohibit discrimination based on an individual's political or religious affiliations. The bank also acknowledged that WePay's internal procedures did not align with its standards, but has since taken corrective action to address the issue.
The report highlighted limitations on several key industries, including oil and gas exploration, coal mining, and firearms manufacturing. Conversely, cryptocurrency investors have expressed discontent over bank account closures, which they attribute to the financial institutions' hesitation to engage with the cryptocurrency sector.
The US Department of the Treasury's Under Secretary for Terrorism and Financial Intelligence, Jonathan Gould, emphasized the importance of equal access to financial services for all Americans, regardless of their personal beliefs, affiliations, or political views. He stated that equitable access to financial services is not simply a guiding principle, but rather a fundamental requirement.
Representatives from Citibank and Wells Fargo have chosen not to comment on the matter, instead directing inquiries to the Banking Policy Institute. The Banking Policy Institute stated that the banking industry advocates for equal access to financial services for law-abiding customers, while also emphasizing the need for clear regulations to ensure effective risk management.
The British Property Investors (BPI) has emphasized the importance of banking supervision focusing on significant financial risks, rather than placing undue emphasis on reputational concerns.
A recent report highlights policies and cases that warrant further examination, but it is essential to note that not all account closures are motivated by political or religious factors. Individuals who suspect discriminatory actions are encouraged to utilize official complaint channels and seek guidance on available options.
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