Trump has been listed by banks as a rejected customer! He issued a presidential executive order directing the OCC to take action to curb De Banking.

US financial regulators are taking active measures to prevent banks from arbitrarily closing customer accounts for political or religious reasons, a practice known as De-Banking (. This initiative was quickly launched after President Trump publicly criticized several large banks for listing him as a rejected customer. The Office of the Comptroller of the Currency (OCC) released a new announcement this week titled "Actions to Depoliticize the Federal Banking System," detailing how the agency will review banks' policy directions to ensure their decisions are free from discrimination. At the same time, the OCC also clarified that it will "restrict" banks from excessively sharing customer information when reporting suspicious activities to the government.

The OCC is the core agency responsible for regulating major national banks in the United States, which manage the vast majority of Americans' deposits. OCC Director Jonathan Gould stated in a statement that the financial system must be prevented from being weaponized, and individuals should not be targeted by financial institutions due to their shopping locations or beliefs, nor should they be deprived of their fundamental rights to use banking services.

What is "De-Banking"?

De-Banking ) de-banking ( refers to banks or financial institutions refusing to provide services to individuals or organizations, or closing their accounts, without specific explanation of reasons, or based on subjective, political, or ideological considerations. Although such actions may be based on risk assessments or legitimate compliance reasons, concerns arise regarding customer discrimination or censorship when the motivations involve religious beliefs, political positions, or social views. This issue is particularly sensitive in conservative political circles, where critics argue that the financial industry is suppressing right-wing groups. According to Reuters, several conservative figures believe that some banks have taken closure measures against accounts related to conservative-affiliated non-profit organizations, religious institutions, and even personal accounts, with vague reasons and no clear explanations provided.

Trump complains about JPMorgan Chase and Bank of America

President Trump directly accused JPMorgan and Bank of America of discrimination in their dealings with his personal assets or politically related accounts last month. He claimed that these accounts were rejected or closed by the banks. He did not provide specific evidence, and neither bank responded directly; however, JPMorgan stated that the decision to close customer accounts is never based on political stance. These allegations have sparked significant political attention, and Trump further requested financial regulatory agencies to investigate whether the banks exhibit political bias, issuing an executive order as president directing the OCC to conduct strict oversight of the banks' actions in "debanking" customers.

New guidelines for OCC

According to the OCC announcement, banking institutions should refrain from de-banking customers for political or religious reasons. Here are a few key points:

Bank policy review direction: Ensure that banks do not consider political or religious reasons when setting account opening and closing policies.

License Application and Supervision: When a bank submits a business license application, merger, or other significant changes, OCC will assess whether there is a systemic risk of excluding specific groups.

The Community Reinvestment Act (CRA) compliance: Through the enforcement of this anti-discrimination regulation, it ensures that banks treat all communities and groups fairly.

Information sharing regulations: Limit banks from excessively sharing personal or business data when reporting suspicious activities (such as money laundering or terrorist financing) to government agencies, protecting customer privacy.

What is the true scale of de-banking?

Despite the high attention on the topic of "de-banking," Reuters analysis indicates that complaints from general bank consumers regarding such situations have been rare in recent years and have not formed a clear trend. However, as the Trump family expands its business activities in the cryptocurrency space, several banks have refused to provide services, raising external concerns and associations about whether financial institutions exhibit selective exclusion.

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