Treasury finds major banks let politics sway banking decisions

Summarised from 2 outlets · Updated 14 Oct, 20:45 · Archive

A Treasury Department review of nine largest US banks found they used vague policies that could discriminate based on customers' political views.

The Office of the Comptroller of the Currency, part of the Treasury Department, released findings on Wednesday that nine of the largest US national banks allowed political considerations to influence their banking decisions. The OCC examined nearly 100,000 complaints and about 420,000 pages of documents, finding all nine banks used 'reputation risk' policies that lacked clear, objective standards. These policies could disadvantage customers because of their political or religious views or lawful business activities.

Comptroller Jonathan Gould said in remarks that banks should make decisions based on financial risk, not the political or social preferences of employees or executives. The nine banks reviewed were JPMorgan Chase, Bank of America, Citibank, Wells Fargo, US Bank, Capital One, PNC Bank, TD Bank and BMO Bank. The OCC did not announce fines or sanctions on Wednesday but said it is considering additional rules to prevent political or religious discrimination. The review was initiated under a Trump executive order.

How it is being reported

• Treasury Department report accuses banks of 'debanking' activitiesA Treasury Department report Wednesday accuses the largest banks in the United States of "debanking" customers based on their political beliefs.UPI · 14 Oct, 21:03
• Treasury says largest U.S. banks let politics influence who received banking servicesNew Treasury Department findings may lend weight to President Donald Trump’s long-running grievance that major banks have discriminated against conservatives.CNBC · 14 Oct, 17:13

In this story: Treasury Department · Office of the Comptroller of the Currency · JPMorgan Chase · Bank of America · Citibank · Wells Fargo · US Bank · Capital One

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