The Globe and Mail reports in its Thursday edition that TD Bank and BMO are among nine lenders identified by a U.S. banking regulator as having "denied, debanked and discriminated" against customers and businesses on political grounds. The Globe's Stefanie Marotta writes that the Office of the Comptroller of the Currency said Wednesday that between 2020 and 2025, nine banks maintained practices and policies that denied or limited access to financial services because of political or religious beliefs. The OCC launched its review last year after President Donald Trump requested an investigation. Also on the OCC hit list are JPMorgan, Bank of America, Citigroup and Wells Fargo. Debanking is a standard practice at banks, typically aimed at protecting their loan books from risky consumer and business activities. When a lender detects an unusual transaction that indicates a client may be linked to money laundering, terrorist financing, fraud or other crimes, it will launch an investigation and, in some cases, shut down the account. Britain's financial regulator recently found no evidence that banks were rejecting accounts owing to political beliefs. The OCC added that broad reputational-risk policies lacked clear standards.
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