Just two years ago, the idea that some Americans were being “unbanked,” or cut off from financial institutions after being deemed politically incorrect, extreme or dangerous, was often dismissed as a conspiracy or an accident.
But federal regulators announced Wednesday that they had reached a very different conclusion: The debanking did indeed take place.
The Office of the Comptroller of the Currency (OCC) said nine of the nation’s largest banks, measured by assets, had policies in place between 2020 and 2025 that could have influenced their decisions to “deny or limit access to financial services” to customers or potential customers “based on their political or religious beliefs or lawful business activities.”
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