The US OCC has warned Wall Street about the phenomenon of "financial services outages", saying such practices are suspected of being illegal

President Donald Trump's campaign against US moves to debank controversial industries such as digital assets has prompted the Office of the Comptroller of the Currency (OCC) to publish a new report. The report further confirms past practices and warns that banks suspected of involvement could face penalties.
The brief OCC report, which examined nine of the largest national banks in the United States, concluded that they had public and private policies restricting access to banking services in certain industries, including requiring escalating reviews and approvals before offering financial services. Some of the largest banks have imposed higher barriers to entry for controversial or environmentally sensitive businesses, or activities that run counter to the bank's own values, the report said. Financial giants like JPMorgan Chase & Co., Bank of America and Citigroup were highlighted, with links to their past public policies, particularly on environmental issues.
"The Office of the Comptroller of the Currency intends to hold these banks accountable for any illegal debanking activities, including referral of relevant cases to the attorney general," the report said. However, it is unclear what specific laws these activities may have violated.