Banks faced criticism from Trump for denying accounts to conservative clients

In a significant move to ensure fair banking practices, President Donald J. Trump signed an executive order titled Guaranteeing Fair Banking for All Americans on August 7, 2025. The order aims to prohibit banks and financial institutions from denying services or closing accounts based on political, religious beliefs, or lawful business activities.

The executive order forbids what has been termed as "politicized or unlawful debanking," which involves restricting account access or modifying conditions due to a customer's political or religious views or lawful business activities that a financial institution disfavors for political reasons.

Multiple federal banking regulators, including the Federal Reserve, OCC, FDIC, CFPB, and NCUA, have been directed to review past and current debanking practices, rescind guidance that treats reputational risk as a justification for debanking, and take remedial actions such as fines, consent decrees, or referral to the Department of Justice.

The Federal Reserve, OCC, and FDIC have removed reputational risk considerations from their supervisory examination programs, signaling a shift away from allowing “reputational risk” as a factor in debanking decisions.

Several states have enacted or proposed legislation prohibiting debanking based on political or religious affiliation. For instance, a pending bill in Georgia targets large banks and prohibits account denial for exercising constitutional rights or based on social credit scores that include policy stances like climate change disclosures. State attorneys general have also sent inquiries and raised concerns about improper debanking practices by banks like JPMorgan Chase.

The banking industry faces challenges in adapting to these changes, as banks have historically had discretion to manage risk, including reputational risk, compliance, and regulatory expectations. Certain industries, such as firearms, gas and oil, and cryptocurrency businesses, have been cited in debanking complaints.

Federal regulators are tasked with investigating complaints, reviewing historical debanking activities, requiring financial institutions to reinstate service where appropriate, and coordinating with the Department of Justice for enforcement actions against unlawful debanking.

This regulatory shift aims to guarantee fair access to banking services for Americans of all political and religious backgrounds, marking a notable change in the banking landscape. However, the order may be subject to legal challenges, especially where prior actions by banks were encouraged by regulators.

The executive order has directed education-and-self-development in the form of reviews of past and current debanking practices by multiple federal banking regulators, including the Federal Reserve, OCC, FDIC, CFPB, and NCUA.
In the realm of personal-finance and business, the order aims to prohibit banks and financial institutions from denying services or closing accounts based on political, religious beliefs, or lawful business activities that a financial institution disfavors for political reasons.
Technology plays a role in this situation, as some debanking complaints involve industries like cryptocurrency businesses, which may require banks to adapt their systems to accommodate these new therapies.
Sports and general-news outlets may report on the consequences of the order, as it marks a notable change in the banking landscape and could potentially lead to increased investment opportunities in the sector, as well as legal challenges.
Casino-and-gambling institutions are not explicitly mentioned in the order, but they could be impacted indirectly if the order encourages more inclusive banking practices and reduces discrimination against certain industries or individuals.