US regulator finds nine major banks cut off customers over views
A federal banking regulator concluded that nine of the largest U.S. banks refused services to customers based on political or religious views, including some crypto firms. Agencies are now revising guidance to shield legitimate businesses from being cut off.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
The Office of the Comptroller of the Currency found that nine of the largest American banks denied services to customers over their political or religious beliefs. The regulator linked policies at those banks to the practice, including cases involving crypto businesses. Federal agencies are now revising guidance to protect legitimate businesses.
Why it matters
The OCC chief described fair access to banking as a requirement rather than a goal. Federal agencies are revising guidance to protect legitimate businesses from being cut off.
Timeline
- Oct 14, 4:42 PM ET: The Office of the Comptroller of the Currency said nine of the largest U.S. banks had debanked customers over political or religious views.
- Oct 15, 7:18 PM ET: The OCC released its final debanking report on the largest banks, and the CFPB announced a follow-on investigation.
Coverage
- OCC Releases Final Debanking Report on Nation’s Largest Banks; CFPB Announces Follow-On Initiative (hinshawlaw.com)
- The OCC's Final Debanking Report and the CFPB’s Response: Key Takeaways (consumerfinancialserviceslawmonitor.com)
- BANKING | OCC Finds 9 Largest U.S. Banks Policies Linked to Debanking, Including Crypto Businesses (bitcoinke.io)
- How Debanking Took Hold Inside the Biggest Banks (thefp.com)
- Fair Access to Banking “Not a Mantra — It Is a Mandate” – Says OCC Chief (acainternational.org)
- Top U.S. banks dropped customers over political and religious views, regulator says (CBS News)
- Treasury Department report accuses banks of 'debanking' activities (Yahoo News)
- OCC Report Accuses Banking Giants of Political ‘Debanking’ (PYMNTS)
- Major banks accused of denying services to conservatives, religious groups (ktsa.com)
- OCC releases report on alleged ‘debanking’ by large banks (bankingjournal.aba.com)
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