The Office of the Comptroller of the Currency’s (OCC) recent findings that large banks systematically “made inappropriate distinctions” of lawful businesses, including those against firearm-related businesses, to restrict access to banking services should make all gun owners angry.
The OCC’s investigation revealed that banks, including JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank, unlawfully discriminated against certain industries, including the firearm industry, for political reasons. Of course, this practice is illegal and demonstrates how corporate banks are using an anti-gun agenda to deprive, starve and eliminate firearm businesses, even though they produce and sell lawful, constitutionally protected products.
As we recently reported, JPMorgan Chase CEO Jamie Dimon recently told Fox News’ “Sunday Morning Futures” that his bank doesn’t “debank” or engage in political discrimination against account holders. The National Shooting Sports Foundation immediately called Dimon out over the lie, saying, “That claim is simply untrue. And NSSF has the receipts.”
Now, the OCC report is proving what NSSF has said all along. And while that’s certainly gratifying, NSSF wants the report to effect change in the situation.
“NSSF is encouraged that the Trump administration, through the Office of the Comptroller of the Currency, is exercising its regulatory authority to protect industries from unlawful banking discrimination,” Lawrence G. Keane, NSSF senior vice president & general counsel, said in a news release announcing the findings. “Eliminating banking discrimination was a focus of the first Trump administration, which was stymied by the Biden administration’s anti-gun agenda. We are hopeful that this preliminary report is only the beginning of ending this unscrupulous practice of weaponizing finance and ensuring banks aren’t used to advance extremist policies that have been rejected by Congress.”
As NSSF pointed out in the release, the OCC’s preliminary findings established that the firearm industry was a target of unlawful debanking, along with other industries that were politically disfavored by banks, including oil and gas exploration, coal mining and digital assets, among others.
“Several banks restricted financing to firearms manufacturers or retailers, including those offering assault- or military-style weapons for civilian use,” the OCC report stated. “Others included certain firearms accessories (e.g., bump stocks, high-capacity magazines). At least two banks highlighted ‘polarizing’ or ‘polarized’ public opinion surrounding individual gun ownership rights and gun control as part of the basis for their firearms restrictions. Another bank noted that ‘an association with certain firearms manufacturers and retailers could result in significant franchise risk, particularly when those firearms are associated with civilian gun violence.’ As a result, it conditioned relationships with these manufacturers and retailers on their adherence to the bank’s view of ‘best practices’ regarding the sale of firearms.”
In August, President Donald Trump signed a fair banking executive order to put an end to banks making decisions based on politics. “Bank regulators have used supervisory scrutiny and other influence over regulated banks to direct or otherwise encourage politicized or unlawful debanking activities,” he wrote in the executive order.
Also, Republicans in Congress are pushing a measure that also would ban debanking for political purposes. The Fair Access to Banking Act would stop corporate banks from picking winners and losers based on executives’ personal politics.