FSC Statement on OCC Debanking Report

The US Office of the Comptroller of the Currency (OCC), a federal banking regulator, released a report yesterday outlining the preliminary findings of its review of debanking activity by the largest national banks. The OCC found that these banks maintained policies that restricted or denied access to banking services to nine industry sectors, including adult entertainment, in apparent violation of the President’s Executive Order barring banking discrimination against those engaged in lawful business activities. 

"The OCC report reaffirms what our industry members have been saying for years: banks are denying people engaged in lawful businesses vital services based on stigma, not risk," says FSC Executive Director Alison Boden. "Debanking shouldn’t be a partisan issue and our ability to access the financial system shouldn’t be either. We are grateful to the OCC for recognizing how systemic banking discrimination has affected a wide-range of industries and businesses, including ours. We look forward to further illustrating the extent to which these policies impact the lives, businesses and safety of our community."

FSC has worked diligently to call attention to the issue of debanking, including through its Financial Discrimination in the Adult Industry report, which found that more than two-thirds of those working in the adult industry, most of whom are individual creators, have been the victim of discriminatory policies and practices. Millions of Americans now earn money through adult platforms and the loss of banking and other financial services can be devastating to their ability to pay rent, pay bills, make payroll or provide for their families. 

FSC requests those who have suffered banking discrimination as a result of their adult work use this form to tell us their story so that we can continue to advocate for their rights.