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OCC Calls Out America's Top Banks for 'Unlawful' Debanking Behavior
The banking regulator listed the digital asset industry among other impacted sectors.
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The Office of the Comptroller of the Currency (OCC) has published a preliminary debanking review, rebuking America's nine largest federal depository institutions for engaging in "politicized or unlawful" banking behaviors.
What's the Scoop?
- Weaponized Finance: According to the OCC, America's nine largest banks (JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank) have all engaged in "politicized and unlawful" debanking behaviors. The OCC cited public-facing documents from named banks to support its preliminary conclusion.
- Affected Sectors: From 2020 to 2023, the OCC found that banks maintained policies restricting certain industry sectors’ access to banking services. In order, listed industry sectors include: Artic oil and gas exploration; coal; firearms; private prisons; payday lenders and debt collectors; tobacco; adult entertainment; political entities; and the digital assets industry.
- Potential Punishments: The OCC's investigation into debanking remains ongoing. At the conclusion of its review, the OCC intends to hold banks accountable for any unlawful debanking activities, including by making referrals to the Attorney General when required.
The largest banks should not use their government charters or market power to set public policy. That’s the purview of elected officials. Today’s findings confirm that some banks restricted access to financial services based on lawful business activities. The President’s EO was…
— Comptroller Jonathan Gould (@USComptroller) December 10, 2025