OCC Report Confirms Major Banks Illegally Discriminated Against Firearms Businesses
The Office of the Comptroller of the Currency (OCC) has released preliminary findings that confirm what many in the firearms industry have long suspected: major U.S. banks have been systematically discriminating against lawful gun-related businesses for political reasons.
Nine Major Banks Named in Investigation
The OCC investigation identified nine of the nation’s largest banking institutions engaged in unlawful debanking practices targeting the firearms industry:
- JPMorgan Chase Bank
- Bank of America
- Citibank
- Wells Fargo Bank
- U.S. Bank
- Capital One
- PNC Bank
- TD Bank
- BMO Bank
What the Banks Did
According to the OCC report, these major financial institutions restricted financing to firearms manufacturers and retailers operating completely legal businesses. The discrimination was particularly targeted at companies selling modern sporting rifles and certain accessories.
Perhaps most telling, at least two of the banks cited “polarized public opinion regarding civilian gun ownership rights” as their justification for restricting services. Another institution went so far as to condition business relationships on firearms dealers adhering to the bank’s own standards regarding firearm sales practices—effectively trying to impose gun control through financial pressure.
Why This Matters
For years, firearms retailers, manufacturers, and FFLs have reported being suddenly dropped by banks and payment processors without explanation. Many were forced to scramble to find alternative financial services, with some smaller businesses shutting down entirely due to their inability to process payments or maintain business accounts.
This practice, known as “Operation Choke Point 2.0” by industry advocates, represented an end-run around the democratic process. Unable to pass gun control legislation, opponents of the Second Amendment pressured financial institutions to deny services to lawful businesses.
Government Taking Action
The tide appears to be turning. President Trump signed a fair banking executive order directing federal regulators to prevent political debanking. Congressional Republicans are also advancing the Fair Access to Banking Act, which would prohibit banks from denying services based on political ideology rather than legitimate risk assessment.
The National Shooting Sports Foundation (NSSF), the firearms industry trade association, called the OCC findings a vindication of allegations they have been making for years about banking discrimination against their members.
What Gun Owners Can Do
If you’re a gun owner who banks with any of the institutions named in this report, you may want to consider moving your business to a more Second Amendment-friendly financial institution. Several banks and credit unions have emerged that specifically welcome firearms-related businesses and gun owners.
The OCC investigation is ongoing, and we’ll continue to follow this story as more details emerge about the extent of banking discrimination against the firearms industry.