Banks Debanked Conservative Groups During Biden Years, Report Finds
Federal report reveals major banks targeted MAGA sellers and religious groups during Biden administration.
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A federal report has revealed that major U.S. banks targeted conservative groups, including MAGA sellers and religious organizations, during the Biden administration, using vague ‘reputation risk’ policies to deny services based on political or religious views.
Comptroller’s Report Details Widespread Debanking
The 47-page report from the Office of the Comptroller of the Currency (OCC) analyzed nearly 100,000 complaints and over 420,000 pages of bank documents. It found that all nine major banks reviewed used ‘reputation risk’ policies to deny service to customers based on their politics, religion, or lawful business activities that the banks disliked.
The nine banks included JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO. While all banks stated they have since revised their policies, the OCC warned that these changes may not prevent a return to past practices. The agency noted that no bank has fully and publicly acknowledged its past debanking decisions.
Specific Cases Highlight the Pattern
In February 2021, WePay, a payment company owned by JPMorgan, closed the account of a merchant selling pro-Trump and MAGA products. The report included an internal employee note stating that the account was closed due to violating WePay’s Terms of Service, which flagged phrases like ‘MAGA’ and ‘Make America Great.’
PNC denied a line of credit to a media company in 2021, citing concerns about the political views of its owners. One PNC employee wrote that it was ‘difficult to justify aligning with a company whose owners have built public personas around opinions contrary to PNC’s beliefs.’
TD Bank flagged a Christian health care sharing ministry, stating that its ‘moral and religious requirements’ conflicted with TD’s values of diversity and inclusion. Similarly, Wells Fargo declined a firearms-industry client in 2024, citing potential regulatory risks under the Biden administration.
Industry Restrictions and Broader Impact
The report also detailed restrictions on the coal industry, with banks limiting financing for coal-related operations due to reputational concerns. JPMorgan spokespersons acknowledged the impact of a regulatory environment that often second-guessed decisions, contributing to a ‘culture of caution’ in the banking industry.
Comptroller of the Currency Jonathan Gould emphasized that the OCC is not asking banks to serve every customer but to evaluate each on objective, risk-based criteria rather than political views or objections to lawful business activities.
Source: Daily Wire
