Bank Of America Accused Of ‘De-Banking’ Conservatives
A coalition of 15 state financial officers from 13 states has formally accused Bank of America of engaging in discriminatory practices against conservative customers, explicitly targeting religious and politically conservative groups. In a Thursday letter to Bank of America CEO Brian Moynihan, the officers expressed grave concerns over what they describe as “politicized de-banking,” which they argue could undermine the bank’s financial stability and reputation.
Kentucky State Auditor Allison Ball spearheaded the criticism, stating, “Americans should never have to worry that their personal financial decisions will be weaponized against them. This practice has become all too common, and banks must urgently correct their course to uphold their fiduciary duty and safeguard the constitutional freedoms of Americans.”
The letter highlighted several account closures, including the shutdown of Timothy Two Project International, a group training pastors worldwide. The bank reportedly declined to continue servicing the organization, citing a misalignment with the bank’s risk tolerance parameters. Another highlighted case involved Indigenous Advance Ministries, a Christian charity similarly ousted by the bank.
"Americans should never have to worry that their personal financial decisions will be weaponized against them." @KYAuditor Allison Ball.
State financial officers stand against politicized banking practices.https://t.co/7PjJxBhl3W
— State Financial Officers Foundation (@SFOF_States) April 18, 2024
The Bank of America has predictably denied claims that religious beliefs or political affiliations play any role in their decision-making. “Given the large number of nonprofits we serve affiliated with religious organizations, it’s absurd to think religious beliefs are a factor in any account closing decision,” a bank spokesperson told reporters.
The financial officers’ letter also criticized Bank of America’s involvement in the Net-Zero Banking Alliance. They argue that such commitments could disproportionately harm domestic industries, such as farming, by pushing up costs through enforced green energy transitions.
Conservative groups have become more aggressive in recent years in showing the biases that affect how ordinary Americans do business with financial giants. As Bank of America’s policies are shown to the public as politically or religiously biased, the result could deeply affect customer loyalty and retention.
Multiple state financial officers are already interested in the bank’s actions, indicating the potential for regulatory repercussions across the banking sector is real. The entire dispute could be another important movement in the resurgence of federalism, with state lawmakers and officials challenging the safe harbor many financial giants believe the federal government has provided for them.