Four Banks Cited SPLC Labels in Account Decisions, OCC Report Details

Hours after the Office of the Comptroller of the Currency (OCC) released its report finding that all nine of the largest national banks used vague reputation-risk standards, the specifics of how those standards played out are coming into focus. Several of them trace back to one outside source.

The SPLC thread

The 47-page report, "Guaranteeing Fair Banking for All Americans," shows JPMorgan Chase, Wells Fargo, PNC and TD Bank referenced the Southern Poverty Law Center while denying loans or closing accounts for conservative and religious organizations. The SPLC's hate-group map lists the Ku Klux Klan alongside mainstream groups such as Alliance Defending Freedom and the Family Research Council, because of their positions on marriage, immigration and other issues.

The report describes JPMorgan's payment processor, WePay, using an internal screening system that flagged terms including "MAGA," "Make America Great" and "America First." Some of the search terms were added after the Jan. 6, 2021, Capitol riot, according to the report.

WePay closed a conservative legal advocacy group's account in December 2020, citing association with a known hate group per the SPLC. In June 2021 it closed a conservative nonprofit's account. In July 2021 it closed an account raising money for a devout Christian's legal challenge to anti-discrimination laws. Internal notes described one organization as a "right wing religious conservative non profit with strong anti LGBTQ rhetoric."

JPMorgan did not dispute the findings. "Our policies prohibit discrimination against customers based on political or religious views," a spokesperson said. WePay's processes "did not meet our expectations. We identified it, corrected it, and the business no longer operates." The bank also said the report covers a limited number of historical interactions among the nearly 90 million customers and small businesses it serves.

Other examples in the report

PNC denied a line of credit to a media company in 2021. Its ESG group reviewed the owners' politics, and the file noted one owner had funded Christian conservative groups the SPLC had labeled hate groups. The employee who recommended the denial wrote: "I think it becomes really difficult to justify aligning ourselves with a company whose owners have built very public personas around opinions very contrary to PNC's beliefs/values."

TD Bank flagged a Christian health care sharing ministry, writing that its "moral and religious requirements" appeared "to conflict with TD's values of diversity and inclusion."

In 2024, Wells Fargo staff reviewing a prospective firearms-industry client wrote that "under the Biden administration, banks could face greater supervisory pressure to move away from lending to the firearms industry." Wells Fargo ultimately declined the business, citing a lack of potential revenue.

The report also found restrictions tied to industries: firearms, coal, Arctic oil and gas, private prisons, tobacco and e-cigarettes. The banks cited negative headlines, protests and the perceived reputational cost of financing coal.

LifeNews, citing the report, said the Treasury's Financial Crimes Enforcement Network emailed a document titled "Bankrolling Bigotry" to leaders at JPMorgan, Bank of America, Wells Fargo and Citibank. According to LifeNews, it drew on SPLC designations and urged platforms to restrict listed groups.

What the banks and the industry say

The review covered 2020 through September 2025, which spans the Biden administration and both Trump terms. CBS News noted the OCC also found some banks turned away Democratic-leaning organizations. Debanking can also happen for ordinary legal and regulatory reasons, such as suspected fraud or an overdrawn account.

Citibank and Wells Fargo declined to comment and pointed to the Bank Policy Institute, the industry trade group. "The banking industry 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 group said. It added that it supports "clear and consistent standards that promote access while maintaining sound risk management."

All nine banks told the OCC they have since changed their policies. The agency said it is "unable to say with confidence that current policies preclude banks returning to the harmful practices" described in the report.

The government response

Comptroller Jonathan Gould called the report "irrefutable evidence that the nation's largest banks have denied, debanked and discriminated against customers and lawful businesses." The OCC conducted the review under the 2025 executive order, Executive Order 14331, that directed regulators to examine such complaints.

The Consumer Financial Protection Bureau announced an investigation into the nine banks Wednesday, according to American Greatness. No findings have been issued.

House Oversight Chairman James Comer, R-Ky., told the Daily Signal that reports of banks relying on the SPLC's labels "demand answers." Jeremy Tedesco, senior counsel at Alliance Defending Freedom, said the report shows debanking "was happening at scale."

The SPLC faces federal fraud and money-laundering charges, according to the Post Millennial and Daily Signal. Those are allegations, and the case has not been adjudicated. The SPLC's president, Bryan Fair, has previously told Congress the group lists organizations that "demonize or vilify people based on immutable characteristics or that express anti-government conspiracy theories."

The OCC has announced no penalties against any of the nine banks. It remains unclear whether the CFPB probe will produce enforcement, or whether the banks' policy rewrites will be enough to satisfy regulators.