The CFPB announced a new initiative to fight debanking of businesses and individuals based on their constitutionally protected rights.
The banks named include JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank.
The report shows entire sectors were victims of debanking, most notably firearms, oil and gas, and tobacco.
The CFPB holds primary supervisory and enforcement authority for banks with over $10 billion in assets, including these banks. Acting Director Mark Paoletta said the CFPB will fully investigate whether the institutions in the OCC report complied with federal consumer financial laws.