Major banks closed accounts and withheld credit from MAGA merchants, pro life causes, religious groups, conservative organizations, and industries disfavored by the Biden administration, according to a sweeping report from the federal banking regulator.

The Office of the Comptroller of the Currency examined 100,000 complaints and 50,000 internal bank records for its Debanking Review. Investigators found customers were denied services based on political, social, or religious beliefs.

JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO Bank were found to have discriminated against consumers. The banks cited “reputation risk” when denying services from 2020 through 2025.

The 47-page OCC report, titled “Guaranteeing Fair Banking for All Americans,” was released Wednesday. It said banks feared negative press, protests, advocacy group criticism, and reprisals from politicians or regulators.

The OCC’s supervisory review of debanking activities at the nine largest national banks it supervises found that these banks had policies that required, encouraged, or otherwise influenced banks to deny or limit access to financial services to Americans because of their political or religious beliefs or affiliations or their lawful business activities. Read about the OCC’s findings and its efforts to guarantee fair banking for all Americans. https://t.co/MveW1JnwTH

— OCC (@USOCC) October 14, 2026

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The report found large banks targeted Christian organizations over abortion, LGBTQ issues, and traditional family values. Financing was also restricted for firearms businesses, Arctic oil and gas, coal, detention facilities, tobacco, and electronic cigarettes.

JPMorgan Chase’s payment operation, WePay, closed an account belonging to a merchant selling merchandise promoting President Trump and the Make America Great Again brand. WePay claimed the material “promote[d] hate, violence, or racial intolerance.”

The bank’s internal screening system regularly flagged “MAGA,” “Make America Great,” and “America First” in merchant profiles, websites, and transaction information. Several terms used to identify violations were added after the January 6, 2021, Capitol riot.

WePay also closed accounts belonging to a merchant selling “conservative/republican t-shirts, hats, etc.” Items raising “red flags” included a “Biden-Illegitimate-Tshirt,” “The-Big-Lie-Sticker”, and a “Trump-Won” flag.

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Another merchant was debanked after processing payments for a planned event. Bank employees decided the organizer’s social media promotion was “an incitement of hate” because posts described Black Lives Matter as “Marxists” and called President Biden and Anthony Fauci “the enemy”.

Banks also relied on hate group designations issued by the Southern Poverty Law Center. The SPLC was indicted in April on federal fraud and money laundering charges, while FBI Director Kash Patel called the nonprofit a “partisan smear machine.”

WePay closed the account of a religious organization designated an “extremist hate group” by the SPLC. Employees described it internally as a “[r]ight wing religious conservative nonprofit with strong anti LGBTQ rhetoric.”

WePay separately closed an account raising money for a legal challenge to discrimination laws by a “devout Christian.” PNC refused credit to a successful media company after noting an owner’s foundation had funded Christian conservative groups, including some identified by the SPLC as hate groups.

Under the leadership of @POTUS and @SecScottBessent, @USComptroller Jonathan V. Gould is ending the weaponization of finance. Read about the OCC’s supervisory review of debanking activities in its nine largest national banks and its efforts to guarantee fair banking for all Americans. https://t.co/MveW1JnwTH

— OCC (@USOCC) October 14, 2026

Wells Fargo pressured a payment processor to terminate a religious nonprofit because of its position on same sex marriage. It also declined loans to two firearms businesses amid concerns about the Biden administration, activists, and members of Congress.

“Under the Biden administration, banks could face greater supervisory pressure to move away from lending to the firearms industry,” a reputation risk review stated.

Bank of America debanked private prison businesses based on “changing policymaker attitudes,” then tried to restore one account months into the Trump administration. Capital One rejected partisan entities supporting candidates from only one political party.

Capital One refused business with an organization promoting “reproductive rights [that was] synonymous with abortion and the Dems”. It also rejected a gun rights organization “due to optics that we endorsed its position.”

All nine banks told the OCC they had revised their practices, but the regulator said those reforms did not go far enough. No bank had “fully and publicly acknowledged” its “weaponization of finance against hardworking Americans.”

The Consumer Financial Protection Bureau announced an investigation Wednesday and pledged to address consumer harm. Acting Director Mark Paoletta called it “appalling” that banks targeted customers whose beliefs differed from the Biden administration or its leftist allies.

Comptroller of the Currency Jonathan V. Gould said the OCC is considering additional action against discrimination based on political or religious beliefs. He called the report “irrefutable evidence” that major banks denied and debanked customers and lawful businesses.

The review followed President Trump’s August 7, 2025, executive order directing banking regulators to combat “politicized or unlawful debanking”. Trump is also suing JPMorgan Chase, alleging the bank closed his accounts for political reasons after the Capitol riot.

Melania, Eric, and Barron Trump have also said they were debanked, along with several Trump businesses. Tech founder Marc Andreessen has claimed technology entrepreneurs and his partner’s father were targeted over business activities or conservative political views.

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