WASHINGTON: The Office of the Comptroller of the Currency (OCC) has issued new guidelines aimed at discouraging US banks from cutting off customers based on political or religious affiliation, following calls from President Donald Trump to address alleged political bias in the financial system.
The OCC, which oversees the country’s largest banks holding most consumer deposits, released two bulletins clarifying how it will examine banks’ policies to ensure they avoid discrimination and limit how customer data is shared when reporting suspicious activity to authorities.
Comptroller of the Currency Jonathan Gould said the move was intended to prevent the “weaponization” of banking.
“Individuals may have been targeted and surveilled based on where they shop or what they believe in and, in some cases, unlawfully debanked,” Gould said.
Political pressure builds on banks
The White House and conservative groups have accused banks of silencing right-leaning voices by shutting down accounts or avoiding business with conservative-linked entities.
Trump last month accused JPMorgan Chase and Bank of America of refusing his deposits on political grounds, though he provided no evidence. JPMorgan responded that it does not close accounts for political reasons. A Reuters review showed only limited consumer complaints related to debanking in recent years.
How the OCC will act
The regulator said its new guidance clarifies how it will review bank policies when:
- Assessing licensing applications
- Monitoring compliance with the Community Reinvestment Act, which is designed to prevent discrimination in lending
The move signals closer scrutiny of banks’ customer management practices at a time when financial institutions face pressure to balance regulatory compliance, risk controls, and growing political scrutiny.
