Bank of America CEO: ‘The good news is that the US consumer is still spending strongly’

The Office of the Comptroller of the Currency (OCC) released a report stating that nine major U.S. banks may have denied or limited services to customers based on political or religious beliefs. The banks reviewed include JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO. The OCC found that these banks had risk policies lacking clear standards, potentially disadvantaging certain customers.

US lawmakers introduced the Epstein Wall Street Records Act to investigate Jeffrey Epstein's ties to major financial institutions. JPMorgan Chase (JPM) and Deutsche Bank (DB) faced penalties and lawsuits for their relationships with Epstein. Goldman Sachs (GS) and HSBC also had accounts linked to him. The bill aims to disclose records and investigate potential violations, with possible penalties for involved institutions and executives.

Bank of America (BAC) was fined $1.2 billion for compliance failures, causing shares to fall 8%. Dave Ramsey advised a caller to stop paying a HELOC if the bank refuses a short sale. The caller's Phoenix rental has $260,000 in mortgages and a $100,000 HELOC, with thin financial buffers. Ramsey's strategy was critiqued, and the article outlines steps for homeowners considering foreclosure.

First Horizon Corp. is selling $4.5B in residential mortgage loans, citing high rates. PNC, Wells Fargo, and U.S. Bancorp reported mortgage income declines. BofA's mortgage loans fell to $115B. High rates hurt mortgage origination and refinancing.

A federal review found that JPMorgan Chase's payment subsidiary WePay screened merchants for political and religious terms like 'MAGA' and 'America First' before reviewing accounts. The OCC's report examined nine major banks and their policies from 2020 to 2025. The CFPB has launched an investigation into potential violations of federal consumer financial laws by these banks.

The OCC's report names nine major banks, including JPMorgan Chase, Bank of America, and Citibank, for politically driven account closures. The review, spanning 2020-2025, found banks denied services to sectors like oil, firearms, and cryptocurrency. The OCC may refer cases to the attorney general, and a DOJ probe is ongoing. Banks defend their actions, while lawsuits from Trump-related entities are pending.