BofA CFO Borthwick says NII guidance not changed from earlier

BofA CFO Borthwick says NII guidance not changed from earlier

The Office of the Comptroller of the Currency (OCC) has released new guidance to address concerns about political and religious discrimination in banking practices. This move comes a month after President Donald Trump directed oversight agencies to investigate banks for potential political bias. The OCC, the primary regulator for the nation's largest banks, has issued two bulletins outlining how it will scrutinize bank policies and data sharing practices to prevent such discrimination [1].

The new guidance aims to ensure that banks do not cut off or "debank" customers based on their political or religious beliefs. This includes avoiding the closure of customer accounts and steering clear of conservative businesses. The OCC's actions are in response to allegations from the White House and conservatives who claim that financial institutions are seeking to silence right-leaning political speech and activities.

Despite these concerns, a Reuters analysis indicates that few consumers have lodged complaints about debanking in recent years. Neither JPMorgan nor Bank of America directly addressed Trump's accusations but JPMorgan has stated that it does not close accounts for political reasons [1].

Meanwhile, Bank of America's Chief Financial Officer, Borthwick, recently stated that the National Interest Income (NII) guidance has not changed from the earlier version. This clarification follows recent discussions surrounding the potential impact of the NII guidance on the financial sector.

The OCC's new guidance is a significant step in addressing the issue of political bias in banking and aims to ensure that all customers are treated fairly and without discrimination based on their political or religious beliefs.

References:
[1] https://www.newsmax.com/finance/streettalk/debanking-political-bias/2025/09/08/id/1225538/