The Office of the Comptroller of the Currency (OCC) has released findings indicating that nine major U.S. banks, including JPMorgan Chase and Bank of America, have improperly refused to provide services to industries considered politically sensitive, such as firearms manufacturers. This investigation follows longstanding complaints from gun rights advocates who argue that financial institutions have used their influence to limit access for lawful businesses.
The OCC’s report, published on December 10, supports claims made by former President Donald Trump that large banks engaged in what his administration described as “politicized or unlawful debanking activities.” The findings come after years in which some sectors, including firearms manufacturing, experienced difficulties accessing banking services despite operating within legal and regulated frameworks.
Comptroller of the Currency Jonathan Gould commented on the situation: “It is unfortunate that the nation’s largest banks thought these harmful debanking policies were an appropriate use of their government-granted charter and market power.” He also noted that the investigation is ongoing and may be referred to the Attorney General.
Banks have stated they do not close accounts for religious or political reasons and claim decisions are based on compliance with laws aimed at preventing criminal activity and money laundering. However, according to the OCC’s preliminary findings, these justifications do not align with recent evidence.
On December 10, the Bank Policy Institute expressed support for new rules promoting fair access to banking. The group said: “It’s in banks’ best interest to take deposits, lend to and support as many consumers and businesses as possible to drive economic growth.”
Earlier this year, an executive order from the White House accused banks of discriminating against conservatives and cryptocurrency companies. The order threatened fines for lenders found dropping customers due to political reasons. Former President Trump has previously stated he was affected by such practices following his term in office and events at the U.S. Capitol on January 6, 2021.
The OCC’s preliminary report was issued after requesting information from nine leading banks regarding any involvement in unlawful debanking practices. It particularly examined environmental or sustainability-related decisions made by these institutions in response to investor concerns about climate change and racial inequality but did not directly label those actions as illegal.
Gould further stated: “While many of these policies were undertaken in plain sight and even announced publicly, certain banks have continued to insist that they did not engage in debanking. Going forward, the OCC will hold banks accountable for these actions and ensure unlawful debanking does not continue.”
Citigroup recently changed its approach toward firearm-related businesses by stating it would base decisions on financial risk rather than reputational concerns—a rationale previously used by several large banks when denying services.
These developments mark a shift for both financial institutions and advocacy groups monitoring their policies toward lawful but politically controversial industries like firearms manufacturing.
