The U.S. Office of the Comptroller of the Currency identified Bank of Montreal and TD Bank in a report on debanking activities. The review followed an executive order by President Donald Trump.
A U.S. banking regulator has identified Bank of Montreal and TD Bank, along with seven other lenders, in a report about debanking and limiting access to financial services for certain U.S. customers due to their political beliefs.
The U.S. Office of the Comptroller of the Currency (OCC) released a report based on findings from a supervisory review of debanking activities at nine of the largest banks it oversees. The review was based on 100,000 complaints at OCC-regulated institutions.
According to the OCC, the review was conducted after an executive order by U.S. President Donald Trump, signed in August of last year. The order stipulated that Americans should not be denied access to financial services due to religious or political beliefs.
Jonathan Gould, the comptroller of the currency, says the named banks “denied, debanked and discriminated against customers and lawful businesses.”
TD did not immediately respond to a request for comment. BMO referred The Canadian Press to a statement from the Bank Policy Institute.
The Bank Policy Institute, a U.S. industry advocacy group, says that it supports fair access to banking services and has been “working to ensure that government regulations and policies enable banks to serve law-abiding customers.”
The report highlights the regulatory scrutiny facing major banks, including Canadian institutions with significant U.S. operations, regarding their compliance with federal directives on customer access. The OCC's findings stem from a large volume of complaints and follow specific executive orders aimed at preventing discrimination in financial services.
Sources
This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.
The day's checked news, by email
One short email a day with the top stories. Free, and you can unsubscribe in one click.
Or follow for the latest news:
No comments yet. Start the discussion.
California will receive a $6 million settlement in 23andMe's bankruptcy, resolving claims related to a 2023 data breach that exposed genetic information of 6.9 million customers.
BusinessTrending
Proof and Circle Internet Group announced a collaboration to demonstrate how AI agents can verify identity and pay in USDC using open protocols x401 and x402.