Federal regulators said some of the largest banks in the United States allowed political concerns to shape who received services.
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The Office of the Comptroller of the Currency released a 45-page report called “Guaranteeing Fair Banking for All Americans” Wednesday (Oct. 14) on the issue of “debanking.” It alleged that nine of the country’s biggest lenders had policies that allowed them to deny or limit services based on political or religious beliefs.
“Today’s report provides irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against customers and lawful businesses,” Comptroller of the Currency Jonathan V. Gould said in a Wednesday news release. “Americans should have access to financial services regardless of their beliefs, affiliations or political views. Fair access to financial services is not a mantra—it is a mandate.”
The report found that “broad reputation risk policies,” which lacked clear standards and “objective, risk-based criteria,” disadvantaged some Americans “based on their political, religious or social views or based on their lawful business activities,” the release said.
In response to the report, the Consumer Financial Protection Bureau said in a Wednesday news release that it would “address any consumer harm caused by the nation’s largest banks.”
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The nine banks told the OCC they have since revised or consolidated policies to make sure they granted fair access, according to the report.
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