Trump-ordered review names BMO and TD in US debanking report
The OCC conducted the review under US President Donald Trump’s executive order, signed in August 2025, stipulating that Americans should not be denied access to financial services because of religious or political beliefs, according to The Canadian Press.
Trump ordered federal bank regulators to determine whether any banks had discriminated and to refer any cases to the Department of Justice.
The review drew on nearly 100,000 complaints at OCC-regulated institutions and approximately 50,000 documents running to about 420,000 pages, the OCC said, plus transaction testing of hundreds of individual onboarding, expansion, and termination decisions.
Comptroller of the Currency Jonathan Gould said in a news release from the Office of the Comptroller of the Currency (OCC) that the report “provides irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against customers and lawful businesses.”
Speaking in Lexington, Kentucky, Gould said banks should make decisions based on financial risk rather than the political or social preferences of their employees or executives, CNBC reported from a transcript of his remarks.
