A report from the Office of the Comptroller of the Currency (OCC) found that nine of the largest U.S. banks, including JPMorgan Chase, Bank of America and Wells Fargo, denied or restricted services to customers based on their political or religious beliefs. The investigation, launched under an executive order by President Donald Trump, reviewed bank policies and practices from 2020 through September 2025.
The probe found that a payment processor owned by JPMorgan closed accounts for merchants selling MAGA-related items. It also found that another bank denied services to a Democratic-leaning organization.
The OCC has not imposed penalties but is considering policy changes to prevent such debanking. The Justice Department has also reportedly subpoenaed major banks as part of a related investigation.