Major Banks Accused Of Improperly Debanking Certain Industries

Benzinga

The OCC said nine major U.S. banks may have improperly refused services to industries like oil and gas and firearms, part of a broader probe into alleged “political debanking.” Banks deny political motives, while the White House has threatened penalties for discriminatory account closures.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:03A top banking regulator said nine large U.S. banks may have improperly refused to serve

00:08industries like oil and gas and firearms manufacturers, according to The Wall Street

00:12Journal. The Office of the Comptroller of the Currency released preliminary findings

00:17after requesting reports from the banks as part of an investigation into what President Trump

00:22has called politicized or unlawful debanking. The OCC said the probe continues and could be

00:28referred to the Attorney General. Banks said they do not close accounts for political

00:32or religious reasons and make decisions based on compliance obligations. The Bank Policy Institute

00:38said the industry supports new fair access rules because banks benefit from serving as many

00:43consumers and businesses as possible. The White House issued an executive order in August accusing

00:48banks of discrimination and threatening fines for political debanking. Trump said he and

00:53his businesses were debanked after the January 6th Capitol riots following the end of his first

00:58term. For all things money, visit Benzinga.com.

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