The Office of the Comptroller of the Currency (OCC) has confirmed what many of us have known for years — multiple major banks displayed bias in their financial censorship.
The OCC issued a press release yesterday announcing the results of its preliminary investigation into nine banks regarding their practices of restricting, cutting off, or imposing extra burdens on certain customers. Donald Trump and many of his prominent supporters have suffered financial censorship in recent years, as have companies and whole industries despised by leftists.
The banks under investigation are U.S. Bank, JPMorgan Chase Bank, Wells Fargo Bank, Bank of America, Citibank, Capital One, PNC Bank, TD Bank, and BMO Bank. They are the largest banks under OCC supervision, according to the press release.
Comptroller of the Currency Jonathan V. Gould said, “The OCC is committed to ending efforts – whether instigated by regulators or banks – that would weaponize finance. Although our work continues, the OCC is today providing visibility into the debanking actions against customers and lawful businesses taken by the nation’s largest banks to ensure public awareness, and to halt these harmful and unfair practices.”
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The OCC press release detailed the preliminary findings on the banks:
OCC’s preliminary findings show that, between 2020 and 2023, these nine banks made inappropriate distinctions among customers in the provision of financial services on the basis of their lawful business activities by maintaining policies restricting access to banking services or requiring escalated reviews and approvals before providing certain customers access to financial services.
At least one bank, of which the name was not provided, restricted certain industries because they allegedly represented “activities that, while not illegal, are contrary to [the bank’s] values.” This included firearms, oil and gas, tobacco, coal mining, private prisons, and digital assets. In other words, the bank actually admitted to rejecting the customers because of ideological differences.
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Gould commented, “It is unfortunate that the nation’s largest banks thought these harmful debanking policies were an appropriate use of their government-granted charter and market power. While many of these policies were undertaken in plain sight and even announced publicly, certain banks have continued to insist that they did not engage in debanking. Going forward, the OCC will hold banks accountable for these actions and ensure unlawful debanking does not continue.”
While most Americans are now aware of social media censorship, fewer are aware of just how many organizations and individuals fell victim to woke ideology in banking. Financial censorship is a very real and incredibly damaging weapon of the left. And the Biden administration facilitated its use in recent years by attacking the “Fair Access Rule,” according to the Media Research Center.
Donald Trump, his family, his attorney John Eastman, and MyPillow CEO Mike Lindell are among the famous victims of debanking. Holding the banks accountable is a free speech effort.
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