OCC Releases Debanking Review of Nine Largest US Banks
Federal regulators examined debanking practices at the country's nine biggest national banks, including JPMorgan Chase and Bank of America.
The Office of the Comptroller of the Currency published a supervisory review Monday examining how the nine largest national banks it oversees handle debanking — the practice of terminating or denying customers access to financial services.
The review covered JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank, representing some of the most systemically significant financial institutions in the United States.
Read more CFPB Launches Initiative to Combat Debanking by Large Banks →
Debanking has drawn sustained scrutiny from lawmakers and regulators in recent years, with critics arguing that certain customers — including businesses in politically sensitive industries — have faced account closures or denials without adequate explanation or recourse.
The OCC's supervisory role gives it authority to examine national bank operations for compliance with federal banking laws and safety-and-soundness standards, making its findings on debanking practices significant for both industry participants and consumer advocates.
Continue reading at OCC News.
