The U.S. Office of the Comptroller of the Currency (OCC) has released a report stating debanking practices of nine major U.S. banks, raising concerns about fair access to financial services for businesses and individuals.
The report examined the policies and practices of JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank between 2020 and September 2025.
The OCC found that all nine banks had policies or practices that could restrict banking access based on customers’ political, religious, or social views, as well as their lawful business activities.
The investigation reviewed nearly 100,000 complaints received and approximately 420,000 pages of documents submitted by the banks. According to the OCC, some institutions relied on broad reputational risk policies without clear standards or objective, risk-based criteria.
Comptroller of the Currency Jonathan Gould said, “Today’s report provides irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against customers and lawful businesses.”
Crypto Businesses Among Industries Facing Banking Restrictions
The OCC report identified digital asset activities as one of several sectors affected by banking restrictions. Other industries included oil and gas, coal, firearms, detention facilities, and tobacco-related businesses.
According to the regulator, some banks maintained public and nonpublic policies restricting financial services for crypto-related businesses, including issuers, exchanges, and administrators. These restrictions were often attributed to financial crime concerns.
The findings have renewed discussions about “Operation Choke Point 2.0,” a term used by members of the crypto industry to describe alleged efforts to restrict banking services for cryptocurrency companies and individuals connected to digital assets.
Henri Arslanian, former PwC Crypto Leader and co-founder of Nine Blocks Capital, has highlighted how debanking practices affected not only businesses but also individuals associated with the crypto sector.
However, the report did not provide specific examples of debanking involving digital asset activities. The OCC also acknowledged that it was “unable to quantify on a comprehensive basis the full extent of debanking or alleged debanking actions.”
As a result, while the findings recognize digital assets as an affected sector, the report leaves unanswered questions about the scale and specific circumstances of crypto-related banking restrictions.
OCC Considers Further Measures to Protect Fair Banking Access
The report follows a 2025 executive order from U.S. President Donald Trump aimed at preventing unlawful debanking. The OCC has since taken steps to remove reputational risk considerations from bank examinations and improve its processes for reviewing complaints.
Despite these efforts, Gould expressed concerns that existing measures may not be enough to prevent similar practices from recurring.
“Notwithstanding certain efforts by the largest banks to rein in these practices, I am not confident that they will be enough,” Gould said.
The OCC is considering further regulatory and supervisory changes to encourage objective banking decisions and prevent discrimination based on political or religious beliefs.
To the crypto industry, the report marks an important development in the ongoing debate over access to traditional banking services. However, whether future regulatory changes will lead to more consistent banking access for digital asset businesses remains to be seen.
