Banks Play Politics with Your Money! 💰

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Well, I’ll be hornswoggled! Seems these grand, upstanding institutions – them big banks, you see – been playin’ a mite of a game. Between 2020 and 2023, while folks were busy tryin’ to make an honest livin’, these nine largest banks in the United States decided some businesses were… shall we say… less desirable than others. And they weren’t shy about showin’ it, by restrictin’ their financial services. The Office of the Comptroller of the Currency (OCC), bless their diligent hearts, has uncovered this little bit of high-handedness.

They’re sayin’ these banks ‘made inappropriate distinctions’. In simpler terms? They picked and chose who they’d do business with, based on what those folks did, not whether they were payin’ their bills. Mercy me! Like decidin’ your neighbor’s business is none of your concern, then refusin’ to sell him sugar for his tea! They either made things mighty difficult or subjected folks to inspections fit for a king’s ransom, all without a lick of explanation.

This all started when that fella, President Trump, directed ‘em to look into whether banks were turnin’ away honest citizens based on their beliefs. A bit late to the party, perhaps, but a question worth askin’. 🧐

Crypto and Other ‘Unsavory’ Pursuits

Now, who got the short end of the stick? Well, aside from legitimate businesses, it seems our crypto ventures – them new-fangled digital money schemes – were lookin’ a bit suspicious to these bankers. Also on the list? Oil and gas, coal miners, folks sellin’ firearms, even them that run tobacco and, heavens to Betsy, adult entertainment! Imagine, adult entertainment! The very idea!

They claim these actions toward crypto were due to fears of “financial crime.” Seems a likely excuse, don’t it?

“It is unfortunate,” says Comptroller of the Currency Jonathan Gould – a mighty polite way of sayin’ “it’s a darn shame!” – that these banks thought it was their place to decide what sort of businesses are worthy of their patronage.

And get this! Some of these very same banks insist they weren’t playin’ favorites. Now, that’s a whopper if I ever heard one! They’re twistin’ and turnin’ like a snake in a bucket.

The banks in question? JPMorgan Chase, Bank of America, Citibank, Wells Fargo, US Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. Quite a rogues’ gallery, wouldn’t you say? The OCC’s still pokin’ around and may even involve the Justice Department. Wouldn’t that be a kettle of fish!

A Report That’s… Less Than Satisfactory

Now, this here Nick Anthony from the Cato Institute says the report don’t quite tell the whole story. He says it misses the real reason banks might shy away from certain clients: regulators breathin’ down their necks, worried about their reputations. And that the FDIC practically told ’em to steer clear of them crypto folks.

And Caitlin Long, a lady who knows a thing or two about crypto banks, reckon’s the FDIC and the Federal Reserve are the real villains here, not the OCC. A right mess, if you ask me! Seems everybody’s pointin’ fingers, and nobody wants to own up to their part in this tangle. 🙄

It just goes to show you, folks, that even in this modern age, a man’s money is still a powerful thing-and bein’ in the wrong business can leave you standin’ in the rain.

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2025-12-11 04:23