OCC Report Links Debanking Actions to Crypto-Related Activities

The U.S. Office of the Comptroller of the Currency (OCC) has released a new report examining “debanking” efforts by banks and the internal policies—both public and nonpublic—that can lead financial institutions to restrict services to a wide range of industries, including digital assets. The regulator frames its findings as part of the federal government’s effort to prevent what it describes as unlawful debanking. In a Wednesday release, the OCC said certain banks used formal policies to limit access to financial services for sectors such as oil and gas, tobacco, firearms, and digital assets.