U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank are five of the nine lenders named in the Office of the Comptroller of the Currency’s debanking report, released Oct. 14, 2026. The other four on the OCC’s list are JPMorgan Chase Bank, Bank of America, Citibank and Wells Fargo Bank. The Consumer Financial Protection Bureau announced the same day that it “will fully investigate” whether the banks in the report complied with consumer finance law.
Anyone who has had a personal or small-business account closed, restricted or refused by one of these nine banks is the person the CFPB’s announcement is aimed at. The practical question is whether the bank gave a reason, and whether that reason came in writing. A customer who has a letter, an email or a screenshot of the notice has something to hand to the agency, and a customer without one has a gap to fill.
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The OCC found the same problem at all nine banks
The OCC reviewed the nine largest national banks it supervises: the five above plus JPMorgan Chase, Bank of America, Citibank and Wells Fargo. According to its news release, all nine had policies or practices between 2020 and September 2025 that led to denying or limiting financial services based on customers’ political or religious beliefs or their lawful business activities. The review followed an executive order on fair access to banking.
The OCC said broad “reputation risk” policies lacked clear, objective, risk-based standards. It also said the banks kept public and nonpublic policies restricting access for several industries: oil and gas exploration, coal mining or coal-powered plants, firearms or ammunition, 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.
Comptroller Jonathan V. Gould called the report “irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against customers.” He also said he was “not confident” the banks’ own efforts to curb the practices would be enough. The OCC’s release announced no penalties, and it said the agency is considering rules to keep banks from discriminating on political or religious beliefs.
The CFPB’s review turns on notices, credit reporting and unfair practices
The CFPB’s announcement says the bureau is evaluating financial institutions for compliance with the Equal Credit Opportunity Act and the Fair Credit Reporting Act, with particular attention to adverse action notice requirements. It is also looking at the federal ban on unfair, deceptive or abusive acts or practices. The bureau says it opens investigations when warranted.
Acting Director Mark Paoletta said in the announcement: “It is appalling that these banks targeted American consumers for their political, social, or religious beliefs.” He added that the CFPB “will fully investigate whether the institutions featured in OCC’s report and others have complied.” The announcement does not say an investigation of any named bank is open, and it does not announce an enforcement action.
The bureau also said it reviewed its Examination Manual and guidance to remove “reputation risk” concepts that could enable unlawful debanking. It is reviewing consumer complaints, supervisory data and enforcement data for evidence, and it has updated its website and complaint portal to raise awareness of debanking. The bureau encourages consumers to file complaints.
The executive order behind both reports set the clock
Both agencies are acting under Executive Order 14331, signed Aug. 7, 2025. The order tells federal banking regulators to remove reputation risk from their guidance and examination materials, and to identify supervised institutions with policies that required or encouraged debanking. It also allows remedial action such as fines or consent decrees, and it tells regulators to refer institutions that cannot be brought into compliance on religion-based debanking to the Attorney General.
The OCC’s own timeline shows the steps. The agency announced the review of the nine largest banks in September 2025, issued preliminary findings in December 2025 and released the final report in October 2026. The CFPB’s announcement came the same day as the final report.
For customers, the order’s definition of the problem is broad. It describes politicized or unlawful debanking as acts that adversely restrict access to, or adversely change the conditions of, accounts, loans or other services. That wording reaches closures, refusals and changed terms alike.
What the written reason is worth if a bank turns someone away
The CFPB says its adverse action review covers what banks tell people when they say no. A written explanation from the bank is the document the review is about, and it is the first thing worth keeping. Consumers who believe a bank acted unlawfully can use the complaint route that the CFPB announcement describes on the agency’s website.
Nothing in the OCC or CFPB announcements promises a remedy to an individual customer, and the CFPB has not said how many of the complaints it receives will lead to investigations. The announcements do give a customer a clear place to send a description of what happened, and the bank’s own paperwork is the best evidence of what it said.
Did the bank that closed or refused an account put its reason in writing?
A bank account problem usually turns on what was said in writing and by when. A customer who answers a closure or a refusal late, or without the enclosures the bank asked for, can lose the chance to be heard on it.
“50 Letters to SSA, IRS, Banks & Insurers” is a 113-page set of fill-in letters, and its bank section covers frozen accounts, unauthorized transfers, card disputes and a revoked power of attorney. Every letter comes with when to send it, where, the deadline and what to enclose.
Get the bank letters and the send-by checklist in 50 Letters to SSA, IRS, Banks & Insurers →
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.
