OCC debanking report names TD Bank, BMO in major US probe
Two of Canada’s largest lenders, Toronto-Dominion Bank (TD) and the Bank of Montreal (BMO), are among nine institutions named in a new US debanking report — one that found major banks had denied financial services to customers based on their political beliefs or lawful business activities.
The Office of the Comptroller of the Currency (OCC) launched its supervisory review in September 2025 following a presidential executive order titled “Guaranteeing Fair Access to Banking for All Americans.”
The review examined nearly 100,000 complaints and approximately 420,000 pages of documents from all nine banks — JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, and PNC Bank, alongside TD Bank and BMO — and found that all had maintained policies limiting customer access on non-financial grounds at some point between 2020 and September 2025.
