WASHINGTON, Dec 10 (Reuters) – The U.S. banking regulator overseeing large national banks said the nation’s nine largest firms had in the past placed restrictions on providing financial services to some controversial industries in a practice commonly described as “debanking.”
The Office of the Comptroller of the Currency did not divulge specifics on the banks in its preliminary report, but vowed to hold the firms “accountable,” including potential referrals to the Justice Department, once it concluded its review. It said banks had restricted access to industries including oil and gas, coal mining, tobacco and e-cigarettes, and crypto products.
The agency plans to continue examining the matter, saying it is reviewing “thousands” of complaints for examples of debanking on the basis of political or religious beliefs. The report did not provide specific examples, but said the firms examined were JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank and BMO Bank.
(Reporting by Pete Schroeder)
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