WASHINGTON — The Free Speech Coalition (FSC) today announced that a federal report on debanking has concluded that several U.S. banks engaged in discriminatory banking practices against members of the adult industry.
The Office of the Comptroller of the Currency (OCC), an independent banking regulatory agency within the Department of the Treasury, found that nine banks, including Chase, Wells Fargo, and Bank of America, "made inappropriate distinctions among customers in the provision of financial services on the basis of their lawful business activities by maintaining policies restricting access to banking services," the report reads.
"For example, the OCC identified instances where at least one bank imposed restrictions on certain industry sectors because they engaged in 'activities that, while not illegal, are contrary to [the bank’s] values,'" the report continues. "Sectors subjected to restricted access included oil and gas exploration, coal mining, firearms, private prisons, tobacco and e-cigarette manufacturers, adult entertainment, and digital assets."
These practices are in apparent violation of a presidential executive order signed in August that bars banking discrimination against anyone engaged in "lawful business activities."
"Not only has the federal government recognized that our industry experiences banking discrimination, it has identified it as a problem to be solved," FSC said in a statement. "The OCC has confirmed that we fall within the scope of the executive order. Banks are now on notice that their policies barring adult businesses may be in violation of government policy."
For more information, visit FreeSpeechCoalition.com.