Federal banking regulators have raised concerns about account closures and restrictions at nine of America’s largest banks, finding that financial institutions used policies that could deny customers access to banking services because of their political or religious beliefs or lawful business activities.
The Office of the Comptroller of the Currency (OCC) released its findings Wednesday, October 14, following a review of JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank. The investigation examined banking practices between 2020 and September 2025, including internal policies and individual decisions affecting customers.
Regulators found that all nine banks maintained policies involving reputational risk that could influence decisions about whether to open, maintain or close customer accounts. The review examined nearly 100,000 complaints and approximately 420,000 pages of bank documents. Some restrictions affected businesses operating legally in industries including energy, digital assets and tobacco, as well as organizations associated with political or religious activities.
The Consumer Financial Protection Bureau has announced a separate investigation into whether the banks violated federal consumer financial laws. Banks have maintained that account closures and service restrictions can reflect legitimate concerns about fraud, legal compliance and financial risk. The OCC’s findings did not establish that every closure was discriminatory, and the agency has not announced penalties against the nine institutions.
For consumers, the findings highlight the importance of understanding why a financial institution might close an account. Banks generally have the authority to end customer relationships under certain circumstances, sometimes without advance notice. Customers who believe an account was improperly closed can request an explanation, review their deposit account agreement and file a complaint with the appropriate banking regulator. The federal review could lead to additional changes in how banks evaluate customers and communicate account closure decisions.
