Treasury Report Finds Major U.S. Banks Allowed Politics to Influence Banking Decisions
The Treasury Department's Office of the Comptroller of the Currency (OCC) found that nine major national banks used reputation-risk policies influenced by political and social considerations when deciding who received banking services. The review analyzed nearly 100,000 complaints and over 420,000 pages of documents from these institutions. These findings could support President Trump's claims about conservative bias in the financial sector. The report highlights a lack of objective standards in banks' policies, potentially disadvantaging customers based on political or religious views or lawful business activities. The release follows over $1.2 billion in penalties imposed on Bank of America for anti-money-laundering failures and comes as regulators assess whether compliance with such rules may have contributed to the so-called 'debanking' issue.
Tickers: $BAC
Topics: OCC report political bias in banking reputation risk Treasury Department
Part of the story BANK OF AMERICA CORP /DE/ - 4 Filing (395 articles)