Treasury says largest U.S. banks let politics influence who received banking services
New Treasury Department findings may lend weight to President Donald Trump’s long-running grievance that major banks have discriminated against conservatives.
TL;DR
- The OCC reviewed nine large national banks and found that "reputation risk" policies lacked clear, objective standards.
- These policies may have disadvantaged customers due to their political or religious views or lawful business activities.
- Banks should make decisions based on financial risk, not political or social preferences.
- The findings may support President Trump's claims of banks discriminating against conservatives.
- Examples include JPMorgan subsidiary WePay closing accounts of merchants selling Trump merchandise and Capital One declining relationships with an abortion-rights group.
- Restrictions were also noted for industries like firearms, fossil fuels, private prisons, tobacco, and cryptocurrency, with bank appetite shifting with the political climate.
- All nine banks claim to have revised their policies, but the OCC found none have fully acknowledged past decisions or created comprehensive remediation programs.