The OCC reported Wednesday that between 2020 and September 2025, nine major lenders maintained policies that curtailed access to services or required some customers to clear extra layers of screening and approval. The OCC said broad reputation risk frameworks ended up disadvantaging people over their political, religious or social views. It also said some banks had policies that constrained access for certain sectors, including oil and gas, coal mining, firearms and tobacco businesses.
The nine banks cited are JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., U.S. Bancorp, Capital One Financial Corp., PNC Financial Services Group Inc., Toronto-Dominion Bank and Bank of Montreal.
A Wells Fargo representative declined to comment. The other companies' spokespeople did not respond right away.
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The OCC's conclusions come after an executive order signed by President Donald Trump directing regulators to scrap reputation-risk standards and to pinpoint financial institutions involved in debanking. The OCC had already named these same nine lenders in an initial report late last year.
When banks redraw where they will and will not do business, it can affect who gets accounts, which industries face more friction, and how capital flows through the economy. If policies change after this review, expect ripple effects for customers in politically charged spaces and for companies in sectors like energy, firearms and tobacco. It is another reminder to keep an eye on how your bank treats access and approvals, especially if your work or affiliations sit in a hot-button area.
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