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

The Office of the Comptroller of the Currency (OCC) named JPMorgan Chase, Bank of America and Citibank among them, and the consumer finance regulator has opened its own inquiry.

- Published: 2026-10-15T05:13:03.263Z
- Canonical: https://polylog.news/2026-10-15/us-bank-regulator-says-all-nine-of-the-largest-us-banks-rest
- Publisher: Polylog (Global desk)
- Section: world
- Sources: [RT](https://rt-english.com/news/647215-us-banks-political-bias/?utm_source=rss&utm_medium=rss&utm_campaign=RSS), [Bitcoin Magazine](https://bitcoinmagazine.com/news/kraken-parent-company-to-buy-saldo-bank)

The OCC accused nine major US banks of denying services to customers and businesses because of their political views and activities, [RT reported](https://rt-english.com/news/647215-us-banks-political-bias/?utm_source=rss&utm_medium=rss&utm_campaign=RSS). The OCC published the report on Wednesday, stating that between 2020 and September 2025 [all nine banks had such policies](https://americanbazaaronline.com/2026/10/14/occ-report-nine-us-banks-debanking-490034/): 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](https://www.crowdfundinsider.com/2026/10/318245-occ-releases-report-on-large-banks-debanking-activities/) 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](https://wrenews.com/occ-nine-banks-debanking-report-cfpb-investigations-october-2026/) 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](https://bitcoinmagazine.com/news/kraken-parent-company-to-buy-saldo-bank) 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.

## What this means

Access to the banking system is becoming an area where the party in power sets the rules. Regulators under the previous administration pushed banks to manage "reputational risk," and this administration is now penalizing that practice. The large banks face investigation costs, possible enforcement actions, and more scrutiny of how they assess clients. Energy, firearms and crypto businesses gain leverage whenever an account is closed. A US rule that changes with each election tells internationally mobile companies that political risk in banking now applies to US accounts too. Spreading accounts across jurisdictions, or owning a licensed bank as Payward is doing, reduces dependence on any single regulator. Our forward read: expect consent orders or formal guidance limiting "reputational risk" as grounds for closing accounts within months, and more crypto and energy companies applying for bank charters. If control of Congress changes in the midterms, expect hearings that reverse the direction. A court ruling limiting the executive order's reach over bank lending decisions would prove this wrong.

## What to watch

- Formal OCC enforcement actions against any of the nine banks. Fines or consent orders would turn the report into binding rules.
- New US bank-charter applications from crypto or energy companies. More applications would show businesses no longer trust correspondent banking.