The Office of the Comptroller of the Currency released a report Wednesday finding that some of the nation’s largest banks unfairly denied services over political, religious or other non-financial reasons.
The review covered nine of the biggest banks by assets. Regulators said each had policies that restricted access based on subjective criteria rather than financial risk alone. The OCC stopped short of fines or enforcement orders in the report.
“Debanking” has become a political flashpoint, with conservatives arguing that banks cut off disfavored industries and Democrats warning about discrimination the other direction. Banks have generally said they follow risk, reputation and compliance rules, not partisan tests.
Lawmakers on both sides said they will keep pressing the issue after the midterms.
Sources: Reuters via Devdiscourse. Thee Arizona Times uses AI-assisted reporting reviewed against the sources listed.
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