A senior U.S. bank regulator announced on Tuesday that efforts are underway to ensure large banks have ceased previous policies that may have contributed to the ‘debanking’ of certain industries or clients. Jonathan Gould, the head of the Office of the Comptroller of the Currency (OCC), addressed the matter at a recent conference, outlining the OCC’s supervisory actions.
Gould stated that OCC supervisors are actively verifying whether some of the nation’s largest banks have indeed discontinued policies that discouraged providing services to specific sectors. These sectors reportedly include, but are not limited to, the firearms industry. The OCC’s oversight aims to ensure fair access to banking services across various industries.
Gould noted that while several banks have publicly stated they have revised their policies, the OCC is taking additional steps to confirm these changes are implemented effectively. This heightened scrutiny follows an executive order issued in June by former President Donald Trump, which directed regulators to address concerns about discriminatory banking practices. The OCC’s ongoing supervision aims to ensure that the largest banks are no longer engaged in such practices, fostering a more inclusive financial environment.
The Office of the Comptroller of the Currency charters, regulates, and supervises all national banks and federal savings associations. The OCC also supervises the federal branches and agencies of foreign banks.
