Major banks accused of denying services to conservative and disfavored groups
A federal regulator report says the nation’s largest banks blocked accounts and credit for MAGA merchants, religious conservatives and industries such as firearms and oil, citing reputation risk.
A new Office of the Comptroller of the Currency report titled “Guaranteeing Fair Banking for All Americans” alleges that the nation’s nine largest banks discriminated against customers whose political, religious or industry affiliations conflicted with the Biden administration’s priorities. Between 2020 and 2025, JPMorgan Chase’s WePay platform, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank and BMO denied accounts or credit to merchants promoting the MAGA brand, conservative apparel, Christian organizations, firearms manufacturers, Arctic oil-gas projects, coal, detention-center operators, tobacco and e-cigarette firms, often citing “reputation risk” from negative press, activist criticism or SPLC hate-group labels.
Examples include closing a Trump-themed merchandise account for alleged hate-related language and refusing a line of credit to a media company because an owner funded conservative groups labeled as hate groups. The Consumer Financial Protection Bureau said it will investigate potential violations of consumer-financial laws, while OCC Comptroller Jonathan V. Gould warned of further regulatory steps. The findings follow President Trump’s executive order demanding that banks not deny services based on protected beliefs.
Why it matters
It shows how major banks may be using political criteria to limit financial access, raising free-speech and discrimination concerns.
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