JPMorgan Chase responding to requests on ‘debanking’ policies

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(Reuters) -JPMorgan Chase said in a regulatory filing on Tuesday it was cooperating with inquiries from government agencies and other entities regarding its policies and procedures in light of the Trump administration’s push to scrutinize banks over alleged “debanking” of certain industries or clients.

The U.S. Office of the Comptroller of the Currency, or OCC, in September issued new guidance aimed at discouraging banks from terminating customer accounts based on political or religious beliefs, following a directive from President Donald Trump for regulators to examine financial institutions for potential political bias.

The White House had said that the order was targeting “systemic abuses by financial institutions that undermine free expression and economic opportunity.”

Jonathan Gould, head of the OCC, said at a conference on Tuesday that OCC examiners were checking whether major U.S. banks had dropped policies that discouraged offering services to industries such as firearms.

Gould noted that some banks have said they have changed their policies. Bank of America said last week in a regulatory filing that it was fielding similar requests as well.

“Certain of these matters are at various stages, including reviews, investigations, and legal proceedings,” JPMorgan said.

(Reporting by Pritam Biswas in Bengaluru; Editing by Alan Barona)