OCC Finds Political and Social Concerns Shaped Bank Access
The regulator said all nine banks reviewed used reputation-risk policies without clear, objective standards that could disadvantage some customers.
Key takeaways
- The OCC reviewed nine of the largest national banks under its supervision.
- All nine used reputation-risk policies the OCC said lacked clear, objective standards.
The Office of the Comptroller of the Currency said political considerations, public pressure and social concerns influenced decisions about who received banking services at some of the largest U.S. banks.
The OCC reviewed nine national banks under its supervision, examining nearly 100,000 complaints and about 420,000 pages of documents. It said all nine used “reputation risk” policies without clear, objective standards, which could disadvantage customers because of their political or religious views or lawful business activities.
The regulator is also examining whether banks’ efforts to comply with anti-money-laundering rules have contributed to customers losing access to banking services.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
