The Consumer Financial Protection Bureau announced a new initiative on October 14 to address debanking by the nation’s largest banks. Acting Director Mark Paoletta said in the bureau’s release that “the CFPB will fully investigate whether the institutions featured in OCC’s report and others have complied.” It is an investigation program, with no penalty or refund attached yet.
What the CFPB says it will do
The bureau says it will look at whether large banks followed federal consumer finance laws, including the Equal Credit Opportunity Act, the Fair Credit Reporting Act and its notice rules for adverse decisions, and the ban on unfair, deceptive or abusive practices. It will open investigations when warranted.
It will also review consumer complaints, supervisory data and enforcement data for signs of unlawful debanking, then pursue its own cases from what it finds. Paoletta called it “appalling that these banks targeted American consumers.” The release says the bureau earlier removed “reputation risk” concepts from its examination manual and guidance.
The release lists the nine banks from the OCC report but announces no case against any of them, and it gives no dollar figure. Whether any investigation leads to an order is not stated.
What the OCC found at nine banks
The Office of the Comptroller of the Currency, which charters and supervises national banks, issued a report the same day. It covers JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank. The OCC said all nine had policies between 2020 and September 2025 that restricted access to services for some customers.
The restricted fields, it said, included oil and gas exploration, coal mining and coal-powered plants, firearms and ammunition, construction or operation of detention facilities, tobacco and e-cigarettes, and digital asset activities. The agency reviewed nearly 100,000 complaints and about 50,000 documents, roughly 420,000 pages, supplied by the banks.
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Comptroller Jonathan V. Gould said the report “provides irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against” customers. At a Kentucky press event with Representative Andy Barr, he added that banks should evaluate every customer on objective, risk-based criteria and said, “We are not forcing these banks to serve every customer.”
The OCC release does not mention referrals or enforcement actions. It says the agency is considering actions to bar banks from discriminating on political or religious beliefs, and ways to address reputation risk in bank decisions. That is the OCC’s own track, separate from the CFPB’s investigations.
The OCC announced the review in September 2025 and issued preliminary findings in December 2025. Its release lists steps it has taken since: eliminating reputation risk from bank examinations, clarifying how improper debanking is weighed in licensing and certain examinations, and improving how it takes in and reviews complaints. Gould said he is “not confident” that the banks’ own efforts “will be enough.”
The order behind both reports
Both agencies point to Executive Order 14331, signed August 7, 2025. It defines politicized or unlawful debanking as restricting access to accounts, loans or services because of political or religious beliefs, or lawful business activities a provider disfavors for political reasons. The order told regulators to drop reputation risk from their examination materials within 180 days.
It also told each federal banking regulator to review institutions for policies that encourage such debanking and to consider remedies including fines and consent decrees. It sets no payment to customers. Its own text says it creates no enforceable rights for any party.
That matters for anyone whose account was closed. The order, the OCC report and the CFPB initiative describe a government review of bank policy. None of them promises that a customer closed in the past will get an account back or any money.
The CFPB release says the OCC report cites bank documents, including emails, as evidence, and that the most affected sectors were firearms, oil and gas, and tobacco. The bureau describes its work as covering both businesses and individuals, and its complaint portal takes complaints from consumers who believe they were debanked.
Where a customer with a closed account can complain
The bureau encourages anyone who believes they were debanked to file a complaint. It takes them through its online complaint portal and by phone at (855) 411-2372. Most companies respond within 15 days, though some take up to 60 when the first answer says a response is in progress.
Complaints are one of the data sources the CFPB says it will review. The bureau publishes complaints without information that identifies the customer, and keeps them for 25 years.
Phone lines are open 9 a.m. to 6 p.m. Eastern, Monday through Friday except federal holidays. A phone complaint takes 25 to 30 minutes against 7 to 10 online. A second complaint about the same problem generally is not accepted, so the first one should hold the full account history.
Was an account closed without an explanation?
A closed account does more than end a relationship with a bank. Direct deposits lose their landing place, and a Social Security payment can run late until a new account is set up. The CFPB initiative reviews bank policy and promises no refund to anyone closed in the past.
The Social Security Check Protection Kit includes a first-24-hours plan for a late or missing payment and a 2026 payment calendar that shows when each deposit is due. That covers the part of a closure the complaint portal does not, which is getting the money to a working account.
Keep a Social Security deposit on track after an account closes with this kit →
More Financial Reading
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- 15 Places to Find Your Share of the $4.25 Billion States Give Back
- 15 Steps to Stop the Scams That Took $7.7 Billion From Seniors
This article was produced with AI assistance and edited for accuracy against the sources linked above.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
