Treasury Accuses Banks Of Debanking

The Office of the Comptroller of the CurrencyOffice of the Comptroller of the CurrencyAmerican federal government organization said nine large national banks had policies or practices that could steer staff to deny or limit services over customers’ political or religious views or lawful business activities. The OCC said reputation-risk rules often lacked clear standards, letting fear of protests or criticism shape decisions. The review followed President Trump’s order directing regulators to examine politically or religiously motivated debanking complaints, after his claims that banks targeted conservatives. The OCC reviewed nearly 100,000 complaints and cited cases involving Trump merchandise, firearms, fossil fuels, and a Democratic-leaning education group. JPMorganJPMorgan ChaseAmerican multinational banking and financial services holding company denied discrimination and said WePayWePayonline payment service provider problems were corrected. The OCC imposed no penalties and may consider new rules.