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A newly released report has revealed that the Biden administration allowed nine of the largest American banks to “debank” customers with conservative or religious values. The Office of the Comptroller of the Currency found that JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO Bank financially excluded numerous right-wing and Christian groups. Merchants selling firearms, tobacco, Arctic oil and gas, and MAGA merchandise were specially targeted, as were pro-life and conservative groups.
The OCC reviewed almost 100,000 complaints filed between 2020 and 2025, and found that many of the banks had failed to maintain objective, fair standards when assessing a client’s risk potential. Instead, the banks were far more concerned with “public perception risk” or “potential stakeholder biases,” which led them to flag customers as high risk on an inconsistent basis. As a result, Americans had their accounts closed and were denied financial services.
The report detailed how one bank’s reputation risk employees worked alongside a payment’s subsidiary group to close the account of a customer who was perceived to be a “[r]ight wing religious conservative non profit with strong anti LGBTQ rhetoric.”
Banks repeatedly declined to serve customers whose reputations had been mischaracterized in popular culture, even without any factual evidence of wrongdoing. Political and religious groups who had negative press or reviews were given higher risk assessments than high-net-worth individuals who had significantly higher negative media exposure.
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One American working in the firearms industry approached a bank about options for an initial public offering. The bank denied the request, claiming that the firearms company’s values didn’t align with the bank’s internal firearms standards, which included limiting the sale of high-capacity magazines and preventing firearms from being sold to individuals until they turned 21. Other banks disproportionately put restrictions on small firearms businesses, unduly labeling them as “high risk.” One unidentified bank claimed they wouldn’t lend to some firearms businesses because it was deemed a “politically charged topic,” which could lead to pressure from protestors and activists.
Banks changed their policies to pander to the social and political climate. The OCC found that many banks chose confusing language and gave vague rationale in detailing why they were closing customers’ accounts. This prevented customers from understanding why their account was being suspended or how they could reopen it. They used phrases like “continuing a relationship is not in the best interest of either party” or “your risk profile no longer aligns with the bank’s risk tolerance.”
In 2021, PNC bank refused to extend a line of credit to a conservative media group whose owner’s foundation was described by a PNC risk assessment employee as having “funded several Christian conservative groups, including several identified as hate groups by the Southern Poverty Law Center.” They also refused a service bid to the company for allegedly spreading “disinformation / misinformation” in the wake of January 6th.
WePay, a subsidiary of JP Morgan, developed a list of terms that it screened as prohibited against customers’ profiles. Many of the terms included on the list were related to January 6th, Make America Great Again, or America First. In February 2021, WePay closed the account of a company selling Donald Trump-themed merchandise, alleging it violated their terms of service. In November 2021, they closed another account because the owner had made posts calling President Biden and Dr. Fauci “the enemy” and describing the BLM movement as Marxist.
In June 2021, WePay’s risk assessment team advised against working with an organization because they described them as “a conservative education and research organization… Their mission is promoting, protecting, and strengthening traditional family values, which include pro-life, pro-marriage and pro-family.”
Citibank declined one business a line of credit because they didn’t comply with their environmental policies and weren’t fully committed to the bank’s decarbonization goals. Another bank put restrictions on companies who were involved in “Arctic oil and gas exploration, development, and production.”
None of the banks found guilty of discrimination have acknowledged their unfair policies. Several have claimed that they will be implementing anti-discriminatory policies, although many of the banks were “unable when pressed” to give a “quantifiable” set of assessment standards to which they would adhere.
There are fair lending laws that were obviously broken here. When are people going to be put in handcuffs?
This is happening under the Obama administration. Joe Biden is a puppet to Obama.