BMO taps next US CEO

BMO Financial Group named Tim Cox as U.S. CEO and Country Head, effective Nov. 1, 2026. Darrel Hackett will become Executive Vice-Chair and Senior Advisor. The change follows years of North American expansion, according to the company.

The US Office of the Comptroller of the Currency (OCC) reviewed nine banks, finding discriminatory practices against customers based on political or religious views. JPMorgan Chase's subsidiary WePay closed accounts linked to conservative merchandise and organizations. JPMorgan shut down WePay and denied altering records for political reasons. Other banks like PNC and Capital One also faced allegations of discrimination. The OCC plans to assess regulatory changes to prevent such practices.

The OCC found that nine major banks used subjective reputation policies, impacting lawful businesses, including digital assets. The report, based on extensive data, supports crypto industry claims of debanking but does not prove a coordinated government campaign. Banks reviewed include JPMorgan Chase, Bank of America, and Citibank.

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.

Toronto Dominion Bank (TD) and Bank of Montreal (BMO) were named in a U.S. regulator's report for policies that may have limited access to financial services based on political or religious beliefs. The OCC's report, following an executive order by President Trump, found that nine banks, including TD and BMO, had practices that could invite scrutiny of certain groups, such as firearms companies or pro-life organizations.

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.