The U.S. Office of the Comptroller of the Currency released a report naming TD Bank and Bank of Montreal among nine banks it says discriminated against certain customers.
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The U.S. Office of the Comptroller of the Currency (OCC) released a report based on a supervisory review of debanking activities at nine of the largest banks it oversees.
The OCC said its review was conducted using findings tied to roughly 100,000 complaints received by OCC-regulated institutions, and that it followed an executive order signed by U.S. President Donald Trump in August of the previous year.
In the report, the OCC identified Bank of Montreal and TD Bank, along with seven other lenders, saying the named institutions “denied, debanked and discriminated against customers and lawful businesses,” according to comptroller of the currency Jonathan Gould.
The OCC’s allegations centre on limiting access to financial services for certain U.S. customers due to political beliefs, in the context of the executive order’s direction that Americans should not be denied access to financial services because of religious or political beliefs.
TD did not immediately respond to a request for comment, and BMO directed questions to a statement from the Bank Policy Institute, a U.S. industry advocacy group. The institute said 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.”
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