The U.S. Office of the Comptroller of the Currency (OCC) has issued a new report warning that banks may face enforcement action for unlawfully restricting access to financial services—a practice widely known as “de-banking.” The move follows President Donald Trump’s directive to re-evaluate how banks treat controversial or high-risk industries, including digital asset companies.
According to the report, highlighted by PANews, the OCC reviewed internal policies at the nine largest U.S. national banks between 2020 and 2023. The findings suggest that several institutions implemented both public and non-public measures that effectively limited access to banking services for certain sectors. These measures included enhanced due diligence requirements, elevated approval thresholds, and outright industry-level exclusions that made onboarding or maintaining accounts difficult in practice.
Major U.S. banks such as JPMorgan Chase, Bank of America, and Citigroup were cited for adopting restrictive policies justified by environmental, reputational, or internal values-based considerations. The OCC emphasised that while banks are allowed to manage risk, blanket restrictions based on industry category may violate federal banking obligations if they result in discriminatory, arbitrary, or unjustified denial of services.
The digital asset sector was specifically included in the review, reflecting long-standing concerns that crypto companies have been disproportionately affected by ambiguous banking practices. Other industries examined include energy and environmentally sensitive businesses, as well as sectors commonly labelled “high risk.”
For crypto firms, the report signals increased scrutiny of banking practices and the possibility of improved access to traditional financial services. However, the regulatory framework remains in flux. The OCC’s stance represents a warning shot rather than a final resolution, indicating that the debate over fair financial access—especially for digital asset companies—is far from over.
