US bank regulator says all nine of the largest US banks restricted customers on political or industry grounds

The OCC accused nine major US banks of denying services to customers and businesses because of their political views and activities, RT reported. The OCC published the report on Wednesday, stating that between 2020 and September 2025 all nine banks had such policies: JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank.

The review was ordered under an executive order titled "Guaranteeing Fair Access to Banking for All Americans." The OCC said it reviewed about 420,000 pages of bank documents and found that some banks used broad "reputational risk" policies and industry restrictions without clear, objective criteria. The affected sectors included oil and gas, coal, firearms, private detention, tobacco and digital assets. Hours later, the Consumer Financial Protection Bureau (CFPB) said it would investigate whether these banks and others complied with consumer-finance law. The banks have argued in past disputes over account closures that their decisions follow risk and compliance rules rather than politics. The reports cited here did not include the banks' responses to the new findings.

Crypto companies, one of the groups named in the report, are now obtaining their own banking licenses. Bitcoin Magazine reported that Payward, the parent company of the exchange Kraken, will buy Saldo Bank as part of a move into European banking. Owning a licensed bank means a crypto company no longer depends on another bank to keep its accounts open.