U.S. financial watchdogs have indicated they are giving significant attention to allegations that major banks may have enabled the criminal activities of the late financier Jeffrey Epstein. The development follows formal pressure from a senior senator on the Senate Banking Committee.
In written responses reviewed by news outlets, officials from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) stated they had reviewed a congressional inquiry raising concerns about banking executives’ alleged support for Epstein, a convicted sex offender.
The congressional letter specifically cited the role of former Barclays CEO Jes Staley, who allegedly helped maintain Epstein’s access to the banking system during his prior tenure at JPMorgan. Staley is already barred from the UK financial industry for misleading regulators about his relationship with Epstein.
While the agencies did not disclose whether formal investigations have been launched, their directors assured the senator that any evidence of misconduct would be addressed. The Comptroller of the Currency stated that allegations of wrongdoing by banks or their executives are taken “very seriously,” and that examiners continue to review institutions within their jurisdiction. The FDIC’s acting chair similarly emphasized the seriousness with which the agency views unlawful activity within the banking sector.
The congressional inquiry highlighted JPMorgan’s extensive past financial dealings with Epstein, who was reportedly a highly profitable client for the bank until the relationship was terminated in 2013. Epstein died in a federal prison in 2019 while awaiting trial on sex trafficking charges.
In a public statement, the senator expressed skepticism, stating that regulators must investigate and hold enablers accountable, and that action, not just words, is required. The public, the statement added, deserves assurance that the financial system is not being used to facilitate crimes.
JPMorgan, in response to related questions, has expressed regret for its past association with Epstein but denied facilitating his crimes, noting it ended its relationship years before his arrest on federal charges. The bank also stated that law enforcement did not share critical information about Epstein’s activities with financial institutions at the time.
The regulatory correspondence emerges amid heightened political focus on the Epstein case. Recent legislation mandates the U.S. Department of Justice to release its unclassified records related to Epstein and his associate Ghislaine Maxwell, with a public disclosure expected imminently.