US regulator finds major banks closed conservative accounts

Major banks closed accounts and denied credit to conservative groups, religious organisations, and pro-life causes disfavored by the Biden administration, the New York Post reported on October 14. The findings were released in a report by the Office of the Comptroller of the Currency. [1]

The Debanking Review by the federal banking regulator investigated 100,000 complaints to examine banking practices, according to the New York Post. The regulator also reviewed 50,000 internal bank records. The investigation showed that customers lost banking access based strictly on their social, political, or religious views. [1]

Financial institutions also limited financing for specific disfavored commercial sectors, the New York Post reported. These industries included firearms manufacturers, tobacco companies, detention facilities, and oil and gas businesses. [1]

A bank is a financial institution that accepts deposits from the public, creates demand deposits, and conducts lending activities, according to Wikipedia. Joe Biden served as the 46th president of the United States from 2021 to 2025. [2][4]