Posted on 04/17/2024 11:23:13 AM PDT by Red Badger
Legislators in Republican-led states want to know why Bank of America continues to de-bank Christians and conservative groups.
In a letter led by Kansas Attorney General Kris Kobach, the dozen some-odd “red” states asked the financial institution to release all documents related to its account cancellation policies. The letter also petitions Bank of America to update its terms of service to prohibit discrimination against clients based on their political or religious affiliation.
The issue came to a head after it was revealed that Bank of America sent the FBI and the U.S. Treasury private consumer financial data to help the two federal agencies investigate crimes related to the January 6 “insurrection” at the United States Capitol.
“Unfortunately, Bank of America appears to be conditioning access to its services on customers having the bank’s preferred religious or political views,” Kobach’s letter, addressed to Bank of America CEO Brian Moynihan, reads.
“Your discriminatory behavior is a serious threat to free speech and religious freedom, is potentially illegal, and is causing political and regulatory backlash.”
Kobach’s letter is co-signed by officials from the states of Alaska, Arkansas, Indiana, Iowa, Mississippi, Missouri, Montana, Nebraska, South Carolina, Texas and Utah.
Financial discrimination In a statement to the Daily Mail Online (United Kingdom), Bank of America claimed that “religious beliefs are not a factor in any account-closing decision.”
“We are proud to provide banking services to non-profit organizations affiliated with diverse faith communities throughout the United States,” the bank further added.
The letter’s signatories disagree with this claim, stating that Bank of America de-banked two Christian ministry groups, Timothy Two Project International and Indigenous Advance, as well as the Memphis, Tenn.-based church Servants of Christ.
According to Kobach, Timothy Two Project International had its account canceled by Bank of America for “operating a business type we have chosen not to service.” A similar thing happened to Indigenous Advance, which had its account canceled because the group’s operation “no longer aligns with the bank’s risk tolerance.”
According to Bank of America, the reason for Indigenous Advance’s cancellation is that it operates a business in Uganda, and the bank does not “serve small businesses operating outside the United States.”
As for Servants of Christ, its Bank of America account was cancelled because it was deemed to be “the wrong ‘business type,'” according to Kobach.
“Bank of America is exposing itself to numerous legal risks by engaging in de-banking,” Kobach’s letter continues. “It is opening itself up to potential legal liability under consumer protection and antidiscrimination laws, and creating substantial regulatory and political risk from states that are already taking action to stop debanking.”
“Financial institutions set the stage for politicized de-banking by adopting vague and subjective ‘reputational risk’ policies and prohibitions on ‘hate’ that are susceptible to abuse.”
The letter comes as the House Select Subcommittee on the Weaponization of the Federal Government continues to probe numerous institutions that have a relationship with federal officials.
A U.S. Treasury memo that circulated to banks around the time of the January 6 “insurrection” also pegged Bass Pro Shops and Dick’s Sporting Goods as engaging in transactions that possibly showed signs of “extremism,” the suggestion being that they, too, needed to be canceled.
House investigations are also ongoing into the crowdfunding sites GoFundMe and Eventbrite, both of which were pegged as having possible involvement in “extremism.”
“You appear to be using this power to punish conservative and religious customers by handing their data over to federal law enforcement and even cancelling their accounts,” Kobach further said to Bank of America.
“This not only undermines free speech and religious freedom, but also is potentially illegal and could lead to investigations, litigation, regulation, and political backlash.”
That may be true of their intent, but what they apparently haven’t seen is that they have become their own victim.
Unfortunately, I think all banks are doing the same. Banks are terrified of govt intervention and will do anything to accomodate Fed. It’s the power the govt has with the Federal Reserve system
TBTF banks don’t need customers except for spending money and surveillance. /imho
Aren’t they really hurting themselves?
I don’t patronize that bank, but if I did, I’d cancel the accounts. They wouldn’t need to debank me. I’d be happy to debank them if they are anti-Christian.
Bank of America telling me it doesn’t want my banking business is like Pfizer telling me they won’t let me have a COVID booster. #WINNING.
Quit them within a year. And never went back...
Same with Wells Fargo....
I live in a small town now with local banks....
The left will punish banks and other corporations in order to further their agenda.
The right believes in free enterprise.
The left promotes cancel culture.
The right believes in free association and free speech.
The left is winning this war.
So much for USAA.
Never dealt with them.
This happened to Nigel Farage in England last year. Bank CEO got into trouble and had to resign:
https://en.wikipedia.org/wiki/Nigel_Farage_Coutts_bank_scandal#Events
and their excuse for de-banking John Eastman?
Its very simple. Pass laws in all red stated forbidding any discriminatory provision of service or denial of service to anyone for anything but legitimate commercial reasons (ie no “reputational risk” or any other such BS). If a bank is found to have violated this law they need to be fined heavily AND forced to reverse themselves.
If they refuse or if they are found to be a repeat violator, they need to lose their banking charter in that state. How would BofA like to be kicked out of those dozen states? How about we add a dozen more states to the list?
“Bank of America Is an Active Enemy Combatant Targeting Conservatives”
Don’t fool yourselves, BofA and their management COULD NOT CARE who their customers are (they’ve proven that by opening accounts for Illegals).
It is the GOVERNMENT directing BofA to target conservatives. Sure, they can say no, but do they really want hundreds of bank auditors descending them?
It’s just not BOA, but USAA (who’s laying off hundreds of employee) are scum suckers too.
____________________________________
https://www.conservativereview.com/rather-despicable-john-eastman-speaks-out-after-bank-of-america-usaa-shut-down-his-accounts-2667791574.html
I gained a significant amount of respect for my former employer when they eliminated both Bank of America -and- Google from their operations several years ago.
The banks are de facto government.
They’re part of the police state.
Plus, modest Americans have become pariahs internationally.
An international risk consultant friend had Standard and Chartered close his account, the guy told him that if he was from Somalia it would still be open. That incident followed HSBC engaging in the same behavior.
Agree.
BOA is the worst. They pioneered giving cc and loans to illegals.
All good points.
No matter who you are, B of A and Wells Fargo seem to go out of their way to create multiple account charges and poor customer service. We left them both decades ago.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.