A JPMorgan Chase Bank subsidiary was found to have discriminated against political conservatives, according to a statement by the US Office of the Comptroller of the Currency (OCC) on Wednesday, alongside the release of its supervisory review of nine US banks following accusations that they were "debanking" customers for political or religious reasons.
Debanking refers to the limiting or refusal of services to a bank customer, such as closing accounts or refusing loans. While not inherently illegal, debanking becomes controversial when a bank's decisions are based on factors such as politics or religion rather than on an individual's financial or compliance risks.
Although not a judicial ruling, the review, conducted under US President Donald Trump's August 2025 executive order, "Guaranteeing Fair Access to Banking for All Americans," aimed to identify and document specific instances the Trump administration would view as violations of the order.
The review examined nearly 100,000 complaints between 2020 and 2025 and over 50,000 documents; additionally, it targeted Bank of America, Citibank, Wells Fargo Bank, US Bank, Capital One, PNC Bank, TD Bank, and BMO Bank, which, together with JPMorgan Chase, make up the nine largest banks under OCC supervision.
The findings showed multiple discriminatory practices at several banks, with JPMorgan Chase subsidiary WePay Inc. having closed accounts associated with pro-Trump merchandise, such as MAGA hats, which were categorized by the bank as hateful and intolerant.
In a September 2021 case, WePay closed a conservative customer's account after the subsidiary flagged items the customer was selling, including a Trump election-victory flag and a shirt describing former US President Joe Biden as illegitimate.
In an additional 2021 incident, the subsidiary initially halted payment processing for an event after the organizer's social media posts were found to include descriptions of Biden and former US National Institute of Allergy and Infectious Diseases director Dr. Anthony Fauci as enemies, though the decision was eventually reversed.
Also in 2021, WePay closed a nonprofit's account after discovering its positions on LGBTQ issues, with bank employees describing the "right-wing religious conservative" organization as having "strong anti-LGBTQ rhetoric."
WePay shut down following findings, JPMorgan spokesperson says
A JPMorgan spokesperson responded to the findings, telling CBS News that the subsidiary has since been shut down as a result of the revelations.
WePay "did not meet our expectations," the spokesperson told CBS. "We identified it, corrected it, and the business no longer operates."
The spokesperson emphasized that the bank's policies "prohibit discrimination against customers based on political or religious views."
JPMorgan Chase staff were further found to have altered records of customers who were rejected because of their political views, including a case where a senior employee directed the removal of the phrases "right-wing" and "very tasteless, gun-centric videos" from records after a customer was denied commercial services multiple times between 2021 and 2023.
"As more far-right competitor(s) step in to take this company’s extreme clients, it may become more mainstream and more appropriate for JPM (JPMorgan) to bank," one redacted passage read.
In a further case of political discrimination, PNC Bank declined to extend a line of credit to a media company, in part because bank employees' personal politics conflicted with the business owners' conservative views, with an employee having written that "it becomes really difficult to justify aligning ourselves with a company whose owners have built very public personas around opinions very contrary to PNC’s beliefs/values."
Capital One denies services to groups across political spectrum
On the other side of the political spectrum, Capital One was found to have rejected Democratic pro-abortion organizations from opening accounts, though it did the same to a pro-gun group, a position generally seen on the political right.
Regarding religion, Wells Fargo terminated payment services for a religious nonprofit organization despite no violation of its agreement with the bank, according to an intermediary's initial determination.
Financial discrimination was also found across several banks investigated by the OCC, with small businesses receiving more stringent treatment than their larger counterparts, including instances in which wealthier companies faced negative publicity or even criminal proceedings.
Environmental aspects were also heavily considered for lending, as loans for non-renewable energy businesses were found to face stringent restrictions in several cases.
“Today’s report provides irrefutable evidence that the nation’s largest banks have denied, debanked, and discriminated against customers and lawful businesses,” said Currency Comptroller Jonathan V. Gould. “Americans should have access to financial services regardless of their beliefs, affiliations, or political views. Fair access to financial services is not a mantra; it is a mandate."
"Notwithstanding certain efforts by the largest banks to rein in these practices, I am not confident that they will be enough," he added. "Accordingly, the OCC will be assessing further changes to the regulatory and supervisory framework applicable to the largest banks to reduce the likelihood of these harmful practices recurring in the future.”
CBS reached out to other banks cited in the report beyond JPMorgan Chase, but they declined to comment, instead referring the news agency to a statement from a banking trade group.
"The banking industry supports fair access to banking services and has been working to ensure that government regulations and policies enable banks to serve law-abiding customers," said the Bank Policy Institute. "We support efforts to establish clear and consistent standards that promote access while maintaining sound risk management, including the administration's recent efforts to prioritize supervisory attention on material financial risk rather than reputational risk."