The Office of the Comptroller of the Currency revealed that the nine largest U.S. banks have engaged in “debanking,” placing restrictions on controversial industries from 2020 to 2023. The OCC’s ongoing review found that banks refused services or imposed stricter scrutiny on industries beyond financial risks. Comptroller Jonathan Gould condemned these actions, vowing to hold banks accountable and prevent unlawful debanking. The report highlighted industries like oil, cryptocurrency, tobacco, and firearms that faced challenges in securing banking services. Banks have faced political pressure for taking stances against certain industries, leading regulators to reassess supervisory policies.

Read more at Yahoo Finance: US bank regulator says large banks engaged in ‘debanking’ of disfavored industries