WASHINGTON, D.C. — The Office of the Comptroller of the Currency is preparing to publish findings from a supervisory review into whether financial institutions denied services based on political or religious grounds. The agency is reviewing approximately 100,000 complaints related to service restrictions.

Comptroller Jonathan Gould said, "We are well advanced in that process." The review examined whether lenders denied services to conservative-aligned industries, including fossil-fuel companies, firearms manufacturers, and cryptocurrency businesses. The OCC published a preliminary report in December which indicated that nine major banks had policies between 2020 and 2023 that restricted services to certain industries or required elevated risk-management screenings. The OCC is specifically reviewing the practices of Citigroup, Wells Fargo, Capital One, U.S. Bank, PNC, TD Bank, and BMO Bank.

A separate investigation is underway by the U.S. Attorney's Office in Washington into financial institutions regarding service denials. The office is investigating whether lenders violated the Financial Institutions Reform, Recovery and Enforcement Act of 1989. Financial institutions have stated they close accounts for reasons such as unusual activity, documentation problems, or accounts not being used for their stated purpose.

Donald Trump and affiliated businesses filed lawsuits against JPMorgan and Capital One following account closures. Indigenous Advance Ministries accused Bank of America in 2023 of closing its accounts on religious grounds, a claim Bank of America denied to Republican state attorneys general, stating Indigenous Advance Ministries was involved in debt collection, a sector the bank does not serve.

JPMorgan removed restrictions on banking civilian-use firearms in a January letter to the National Shooting Sports Foundation. Last year, Citigroup removed a policy that restricted services to retail clients who sell firearms.