Posted on 08/05/2025 5:16:05 AM PDT by MtnClimber
Banks that “de-bank” or drop customers for political reasons could soon face monetary penalties and other disciplinary measures under an executive order that has been drafted by the White House.
The Wall Street Journal reports that the executive order would direct bank regulators to investigate possible violations of the Equal Credit Opportunity Act (ECOA), antitrust laws or consumer financial protection laws when lenders discriminate against conservatives or cryptocurrency companies.
The draft of the executive order doesn’t name any specific banks but it does reference an instance in which Bank of America was accused of shutting down the accounts of a Christian organization operating in Uganda over the organization’s religious beliefs.
The draft also criticizes the role that some banks played in the investigation of the Jan 6 riot at the U.S. Capitol in 2021.
For years, conservatives have complained of banks denying them services on either political or religious grounds while some crypto companies have claimed that they were shut out of banking systems during the Biden administration.
The Trump White House has been considering an executive order to address the issue since June and banks have been cautiously watching the administration for potential action.
For their part, the banks blame the practice of de-banking on regulatory, legal and financial risks and the need to adhere to anti-money laundering laws.
Still, a Bank of America spokesman says the bank welcomes the Trump administration’s efforts to bring regulatory clarity, saying, “We’ve provided detailed proposals and will continue to work with the administration and Congress to improve the regulatory framework.”
The prospect of an executive order has prompted several banks to meet with Republican attorneys general to affirm that they do not discriminate based on political affiliation.
The draft of the order obtained by the Wall Street Journal directs regulators to strike any policies they have that may have contributed to banks dropping certain customers and also directs the Small Business Administration to review the practices of banks that guarantee the agency’s loans.
In some cases, violators could be referred to the Attorney General.
More winning.
Didn’t the banks do some anti-gun moves on Dicks or Cabellas??
I don’t know about Dicks or Cabellas, but I have heard about small gun shops being debanked because they sell guns.
Excellent!
GOOD! What those banks did was despicable, punishing g people for political views or for purchasing things that the banks didn’t approve of (ie guns). Those banks may very well have ruined businesses, or at the least so inconvenienced them that they lost money trying to get reestablished at new banks. They shou.d be sued to recover those losses as well.
No. How about codifying ‘no bias’ within the regulators.
I don’t see anyone being punished for pushing the discrimination upon the banks. SOMEONE was responsible for carrying out the orders from the xiden/zero cabal...
I want some BUTT, and once again they fail to deliver.
This is getting quite old.
I believe so.
May it continue.
Very.
I’m with you on this one.
The order needs to be codified into a law with harsh penalties.
“White House Prepares Executive Order Punishing Banks That Discriminate Against Conservatives”
about F-ing time ...
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