Today, the Consumer Financial Protection Bureau (CFPB) announced the next decisive step in its ongoing work to advance the administration’s initiative to combat the debanking of businesses and individuals based on their constitutionally protected rights. This includes political expression, support for President Trump and the MAGA movement, pro-life causes, and participation in industries disfavored by political movements on the Left. Under the new directive, the CFPB will directly address any consumer harm caused by the nation’s largest banking institutions, following the release of a comprehensive report on debanking practices issued by the Office of the Comptroller of the Currency (OCC).

The OCC report, titled “Guaranteeing Fair Banking for All Americans,” revealed that the nine largest national banks under its direct supervision—specifically JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank—maintained policies or engaged in business practices that systematically denied or restricted financial access. These restrictions were levied on the basis of Americans’ political or religious beliefs, or because a customer engaged in otherwise lawful business activities that fell out of favor with institutional leadership.

Furthermore, the OCC report provided direct excerpts from internal bank documents, including internal emails and memoranda, which revealed biased and discriminatory decision-making processes at the highest corporate levels. The report detailed how entire economic sectors became victims of debanking, with enterprises related to firearms manufacturing and sales, traditional energy sectors such as oil and gas, and the tobacco industry experiencing the most widespread financial exclusion.

“It is appalling that these banks targeted American consumers for their political, social, or religious beliefs that did not align with the administration or its leftist allies,” said CFPB Acting Director Mark Paoletta. “Many of those targeted were supporters of President Trump. These thuggish tactics, which were also a defining feature of the previous CFPB leadership, have no place in America. We thank the Department of the Treasury and the Office of the Comptroller of the Currency for conducting its review to shed light on these shameful practices. The CFPB will fully investigate whether the institutions featured in OCC’s report and others have complied with federal consumer financial laws and take appropriate action.”

The CFPB holds primary supervisory and enforcement authority for depository institutions with over $10 billion in assets, which includes all nine of the major national banks named in the OCC report. The agency also oversees certain nonbank financial institutions to assess and ensure their compliance with federal consumer financial protection laws.

This major announcement from the CFPB forms a core component of the agency’s latest undertaking to implement Executive Order 14331, titled “Guaranteeing Fair Access to Banking for All Americans.” The executive order aims to advance the federal government’s priority to vigorously remedy the practice of debanking. As part of this implementation, the CFPB actively evaluates financial institutions for compliance with foundational consumer protection statutes, including the Equal Credit Opportunity Act (ECOA) and the Fair Credit Reporting Act (FCRA). Special attention is given to the adverse action notice requirements mandated under these laws, as well as prohibitions against Unfair, Deceptive, or Abusive Acts or Practices (UDAAP). When evidence warrants, the agency initiates formal investigations into institutional behavior.

In the lead-up to today’s announcement, the CFPB conducted a thorough review of its internal Examination Manual, policy guidance, regulations, and other supervisory materials used to regulate and examine financial institutions under its jurisdiction. This review was designed to ensure that these regulatory tools do not contain vague reputation risk concepts that could inadvertently or intentionally result in unlawful debanking. Additionally, the bureau has been systematically reviewing consumer complaints, along with supervisory and enforcement data, to uncover evidence of potential unlawful debanking, laying the groundwork for independent agency investigations based on concrete data trends.

To bolster these enforcement and oversight efforts, the CFPB recently updated its official website and consumer complaint portal. The updates are designed to raise public awareness about the issue of debanking and to provide clear avenues for affected individuals and entities to seek recourse. The agency continues to strongly encourage consumers and business owners to submit formal complaints if they believe they have been unjustly debanked or denied financial services due to their political beliefs, religious convictions, or lawful participation in disfavored industries.