House Committee on Oversight and Government Reform Chairman James Comer is investigating the alleged politically motivated debanking of individuals and entities by financial institutions. The inquiry follows reports that some banks have debanked lawful American businesses and citizens based on political affiliations or involvement in industries disfavored by the Biden Administration.
Chairman Comer has addressed a letter to Acting Comptroller Rodney E. Hood of the U.S. Office of the Comptroller of the Currency (OCC). In this letter, he emphasizes the committee’s focus on whether these debanking actions are initiated independently by financial institutions or directed by government regulators. Comer is requesting documents and information to understand better the OCC’s enforcement strategy, its consistency, and its impact on large financial institutions.
“The Committee on Oversight and Government Reform is investigating the improper debanking of individuals and entities based on political viewpoints or involvement in certain industries such as cryptocurrency and blockchain,” wrote Chairman Comer. He highlighted previous communications with leaders in blockchain and crypto spaces seeking information about their experiences with debanking.
The investigation includes an examination of responses from the Federal Deposit Insurance Corporation (FDIC) concerning digital asset corporations who have publicly discussed debanking issues. According to Comer, “The FDIC’s response was highly informative,” shedding light on how regulators under past administrations may have hindered American innovation.
The committee now seeks further assistance from the OCC to gain insights into enforcement approaches toward larger financial institutions under its supervision. “As the OCC is the primary regulator of banks chartered under the National Bank Act—specifically the nation’s largest banks with assets between $50 billion and $3 trillion—the Committee seeks information about the OCC’s enforcement,” concluded Chairman Comer.
Further details can be found in Comer’s letter to the OCC.
