US Comptroller of the Currency: Nine large banks including JPMorgan Chase found to have previously implemented "debanking" policies

According to Bloomberg, a recent report by the Office of the Comptroller of the Currency (OCC) indicates that between 2020 and September 2025, nine major banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bank, Capital One Financial, PNC Financial, Toronto-Dominion Bank, and Bank of Montreal—restricted certain customers from using banking services or required them to undergo more rigorous vetting and approval processes through related policies, a practice known as "debanking." On Wednesday, the Consumer Financial Protection Bureau (CFPB) also stated that it would thoroughly investigate whether the banks named in the report complied with federal consumer financial laws and take appropriate action accordingly.