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US watchdog finds nine big banks debanked customers over views
Original: debanking
A federal watchdog has concluded that nine large US banks denied service to customers because of their political or religious views. The findings feed into the ongoing 'debanking' debate in the United States, where conservatives and some business figures claim financial institutions cut off clients for ideological reasons. Banks have faced growing political pressure and regulatory scrutiny over how they decide whom to serve.
Why now: A federal report directly accusing major banks of politically motivated account denials has reignited the debanking controversy.
US federal banking regulatornine large US banks
Evidence
- TD and BMO among nine U.S. banks accused of discriminating against MAGA and conservative customers · The Globe and Mail
- US regulator accuses nation's largest banks of debanking customers over political views · Fox Business
- Federal watchdog says 9 large US banks denied service to customers over political or religious views · Yahoo Finance
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