US regulator names TD and BMO in a report on debanking

The US Office of the Comptroller of the Currency says nine of the largest banks it oversees limited services to some customers over their political beliefs. Its review covered 2020 to September 2025 and drew on 100,000 complaints.

Today's report provides irrefutable evidence that the nation's largest banks have denied, debanked and discriminated against customers and lawful businesses.

— Jonathan Gould, US comptroller of the currency

Industries the report says were restricted

• Oil and gas
• Coal mining
• Firearms
• Tobacco

The report says the banks kept policies that restricted access for some industries, including oil and gas, coal mining, firearms and tobacco.

And us?

Bank of Montreal and TD Bank are among the nine lenders named, with JPMorgan Chase, Bank of America and Citibank. TD did not respond to a request for comment, and BMO pointed to a US industry group that says it supports fair access.

What's next

The regulator says it is weighing changes to its rules for the largest banks so these practices do not recur. The review followed an executive order President Donald Trump signed in August 2025.