OCC Reviews Debanking of Major Banks; CFPB Promises Action
Regulators clamp down on banks’ account removals under new OCC review and CFPB plan.
On October 14, 2026 the Office of the Comptroller of the Currency released a supervisory review of debanking activities at the nine largest national banks it oversees. The report found that several large institutions had closed or restricted business and consumer accounts on the basis of customers’ constitutionally protected characteristics. In response, the Consumer Financial Protection Bureau announced a new initiative aimed at addressing OCC‑uncovered debanking and to ensure that banks’ practices comply with the Equal Credit Opportunity Act and related privacy and discrimination provisions.
For major‑firm clients, the review signals a heightened regulatory focus on account‑closure policies, especially for customers who may have faced discrimination. Firms should audit their clients’ account‑management practices for compliance risks and prepare to respond to potential CFPB investigations. Additionally, banks may need to update underwriting guidelines and internal monitoring systems to avoid similar findings. As the OCC consolidates its findings, firms should anticipate more detailed guidance and enforcement actions in the coming months.