CFPB Scrutinizes Nine Largest Banks Over Customer Exclusion Practices
The latest in this situation
How it started
What happened
The Consumer Financial Protection Bureau announced a new initiative to scrutinize whether nine largest national banks are adhering to federal consumer protection laws. This move follows a report by the Office of the Comptroller of the Currency, which found that these banks may have excluded customers based on their political or religious beliefs. The OCC report, which spans 2020 to September 2025, identified two problematic practices, including sector-specific restrictions that limit service access.
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Why it matters
The nine institutions under review manage $12.7 trillion in assets, representing 76% of the total assets overseen by the CFPB. The OCC report was based on examining nearly 100,000 complaints and reviewing approximately 50,000 documents provided by the banks.
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Who's involved
- Consumer Financial Protection BureauThe agency initiating the scrutiny of the national banks.
- Office of the Comptroller of the CurrencyThe organization that issued the report detailing potential customer exclusion practices.
- Capital OneOne of the nine national banks subject to the CFPB investigation.
- JPMorgan ChaseOne of the nine national banks subject to the CFPB investigation.
- PNC Financial ServicesOne of the nine national banks subject to the CFPB investigation.
- BMO BankOne of the nine national banks subject to the CFPB investigation.
- Bank of AmericaOne of the nine national banks subject to the CFPB investigation.
- Wells FargoOne of the nine national banks subject to the CFPB investigation.
- CitibankOne of the nine national banks subject to the CFPB investigation.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Capital OneSpeculative
Capital One might face increased compliance costs or reduced revenue due to the CFPB investigation into discriminatory practices.
- JPMorgan ChaseSpeculative
JPMorgan Chase might face increased compliance costs or reduced revenue due to the CFPB investigation into discriminatory practices.
- PNC Financial ServicesSpeculative
PNC Financial Services might face increased compliance costs or reduced revenue due to the CFPB investigation into discriminatory practices.
- BMO BankSpeculative
BMO Bank might face increased compliance costs or reduced revenue due to the CFPB investigation into discriminatory practices.
- Bank of AmericaSpeculative
Bank of America might face increased compliance costs or reduced revenue due to the CFPB investigation into discriminatory practices.
- Wells FargoSpeculative
Wells Fargo might face increased compliance costs or reduced revenue due to the CFPB investigation into discriminatory practices.
- CitibankSpeculative
Citibank might face increased compliance costs or reduced revenue due to the CFPB investigation into discriminatory practices.
How it developed
Newest first. Tap a step to see who reported it.- OCC findings reveal banks are restricting services to political figures and using SPLC lists, according to reports by the New York Post.Sub-event
CFPB is scrutinizing banks after an OCC report, following findings presented by Gould in Lexington.1 source
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The entities involved
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Consumer Financial Protection Bureau
agency of the United States government responsible for consumer protection in the financial sector
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Office of the Comptroller of the Currency
American federal government organization
Related events
- The Office of the Comptroller of the Currency and U.S. Treasury fined Bank of America for reporting and compliance failures.
- A federal report investigated bank discrimination practices involving Bank of America and the Office of the Comptroller of the Currency.
- The OCC investigated the policies of multiple major banks, including Citibank, BMO, and JPMorgan Chase, following a Trump executive order.
- The Consumer Financial Protection Bureau and Bank of America discussed consumer financial habits and struggles.