President Donald Trump issued an executive order in August 2025 to deter debanking, but a recent report from the Office of the Comptroller of the Currency (OCC) found that the nine largest national banks maintained debanking policies. Now the US Consumer Financial Protection Bureau (CFPB) is taking action against those institutions in one of the few actions it has taken since the start of the current Trump administration.
The CFPB announced a new initiative Wednesday to investigate debanking activities. The bureau says it will determine whether the nine banks named in the OCC report – JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank – and other institutions violated federal consumer financial laws, and it will take enforcement action if the investigation establishes grounds to do so.
