Report: Big Banks Dropped Conservative Groups Over 'Reputation Risk'
The Office of the Comptroller of the Currency said nine large banks denied services over customers' views. The banks cited reputation risk in decisions from 2020 to 2025.
- 100,000 complaints and 50,000 internal bank records were reviewed for the report.
- 9 banks named, including JPMorgan Chase, Bank of America, Citibank and Wells Fargo.
- JPMorgan's WePay closed accounts of merchants selling Trump and MAGA merchandise.
- Capital One also declined a group backing only Democratic candidates.
Why it matters: The report says banks also restricted financing for industries including firearms, coal, Arctic oil and gas, and private prisons. Customers affected included religious nonprofits, conservative merchants and a media company.
- Banks cited Southern Poverty Law Center hate-group designations in some decisions.
- Wells Fargo staff feared Biden-era regulatory pressure over firearms lending.
How 25 sources split on this story
Where they split: Officials frame the findings as targeting of conservatives tied to the prior administration, while JPMorgan says a flawed process at an acquired unit was already corrected.
Center coverage, 5 sources: The center reports the OCC's findings largely through Comptroller Jonathan Gould's statements and the reputation-risk rationale banks cited.
Right coverage, 19 sources: The right sees proof that big banks, under pressure from the Biden administration and its allies, cut off conservatives and Christians.
What’s next: The CFPB will investigate whether the named banks and others broke federal consumer financial laws. Acting Director Mark Paoletta called the practices "thuggish tactics."
- The OCC says bank reforms so far are not enough and further rules are under review.
- How many of the 100,000 complaints did the OCC substantiate?
- Will the CFPB investigation lead to penalties or restitution for affected customers?
- How did the other eight banks respond to the specific findings?
