Nine of the largest banks have been found to engage in debanking activities, according to preliminary findings in a Dec. 10 review report published by the Office of the Comptroller of the Currency (OCC).
The report follows the banking regulator’s implementation of President Donald Trump’s Executive Order 14331, “Guaranteeing Fair Banking For All Americans,” which said that financial institutions have been engaging in practices that restrict law-abiding individuals and businesses from services on the basis of political or religious beliefs. The order was issued on Aug. 7.
“The OCC is taking steps to end the weaponization of the financial system,” Comptroller of the Currency Jonathan V. Gould said at the time. “We are working to root out bank activities that unlawfully debank or discriminate against customers on the basis of political or religious beliefs, or lawful business activities. If and when the OCC identifies such activity, it will take action to end it.”…