US regulator cites possible political influence on decisions by nine banks — CNBC

In the United States, the Office of the Comptroller of the Currency (OCC) at the Treasury Department said that nine of the largest national banks used reputational risk policies that could have allowed political considerations, public pressure and social factors to influence decisions on providing banking services. CNBC reports.

Review of complaints and documents

The regulator reviewed the nine largest banks under its supervision. As part of the analysis, the OCC examined nearly 100,000 complaints and about 420,000 pages of documents.

According to the agency's conclusion, all nine banks used reputational risk policies without clear and objective standards. According to the OCC, such approaches could have put customers at a disadvantage because of their political or religious views or lawful business activities.

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Link to Trump's statements

The regulator's findings may strengthen the position of President Donald Trump, who has repeatedly accused major banks of discriminating against conservatives since returning to office. Trump also said that banks stopped providing him with services after the January 6, 2021, storming of the Capitol, but the banks denied this.

The report was released the day after the OCC and other US Treasury Department regulators imposed more than $1.2 billion in fines on Bank of America in a case involving separate violations of anti-money laundering requirements. The OCC is also examining whether banks' efforts to comply with these requirements contributed to the practice of terminating services for customers.