CFPB Announces New Initiative to Address OCC-Uncovered Debanking by Large Banks

Today, the Consumer Financial Protection Bureau (CFPB) announced the next step in its work to advance President Trump’s fight against the debanking of businesses and individuals on the basis of their constitutionally protected rights, including support of President Trump, MAGA, pro-life causes, and industries disfavored by the Left. The CFPB will address any consumer harm caused by the nation’s largest banks in response to the Report on debanking practices by Office of the Comptroller of the Currency (OCC).

The OCC report, “Guaranteeing Fair Banking for All Americans,” found that the nine largest national banks under its supervision – JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank – maintained policies or engaged in practices that denied or restricted financial access on the basis of Americans’ political or religious beliefs or a customer’s otherwise lawful business activities. The OCC report provides excerpts from bank documents, including emails, revealing this biased and discriminatory decision-making. The report shows that entire sectors were victims of debanking, most notably those related to firearms, oil and gas, and tobacco.