TD and BMO among nine large banks engaged in so-called debanking, says U.S. regulator

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeFinanceBankingTD and BMO among nine large banks engaged in so-called debanking, says U.S. regulatorReport builds on an initial finding after U.S. President Donald Trump called to rein in such activitiesAuthor of the article:The Office of the Comptroller of the Currency found that between 2020 and September 2025 JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., U.S. Bancorp, Capital One Financial Corp., PNC Financial Services Group Inc., Toronto-Dominion Bank and Bank of Montreal maintained policies that restricted access to banking services or required the customers to go through escalated reviews and approvals. Photo by Peter Power /Financial PostA U.S. regulator said nine large lenders imposed policies that “denied, debanked and discriminated” against some customers and business, building on an initial finding after President Donald Trump called to rein in such activities.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe Office of the Comptroller of the Currency (OCC) found that between 2020 and September 2025 JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., U.S. Bancorp, Capital One Financial Corp., PNC Financial Services Group Inc., Toronto-Dominion Bank and Bank of Montreal maintained policies that restricted access to banking services or required the customers to go through escalated reviews and approvals.This advertisement has not loaded yet, but your article continues below.JPMorgan said their policies prohibit discrimination based on political or religious views, adding the report discusses “a limited number of historical interactions” and the bank has “improved the way we do business.”Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try again“We agree with the administration on a broader point: years of operating in a regulatory environment that often second-guessed decisions contributed to a culture of caution across the banking industry. That system needs fixing,” JPMorgan said in a statement.A representative for Wells Fargo declined to comment. Spokespeople for the other firms didn’t immediately respond to requests for comment.The OCC’s conclusion comes after Trump signed an executive order directing regulators to remove reputation-risk standards and identify financial institutions that engaged in so-called debanking. The regulator released an initial report identifying the nine lenders late last year.Trump has also said banks discriminated against him in the past, alleging last year that JPMorgan and Bank of America rejected his business. Both banks have denied rejecting business on ideological grounds.This advertisement has not loaded yet, but your article continues below.The regulator said in the new report released Wednesday that broad reputation risk policies disadvantaged certain Americans based on their political, religious or social views. The agency also found that banks maintained policies restricting some industry sectors’ access to financial services, including those involved in oil and gas, coal mining, firearms or tobacco-related businesses.“Americans should have access to financial services regardless of their beliefs, affiliations, or political views. Fair access to financial services is not a mantra — it is a mandate,” OCC head Jonathan Gould said in a statement.The Consumer Financial Protection Bureau also said Wednesday it would “fully investigate” whether the institutions featured in the OCC’s report have complied with federal consumer financial laws and take “appropriate action.”Critics have argued that some bank examiners pushed lenders to stop doing business with politically sensitive clients, even when they posed no risk to the bank’s safety and soundness, but consumer advocates say there is little evidence to show the issue is widespread.—With assistance from Hannah Levitt.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.