A letter revealed by the Corporate Watchdog Group commended five major banks for their recent initiatives aimed at preventing what they termed “politicized de-banking.” This year, Bank of America, Citigroup, JPMorgan Chase, PNC Bank, and Regions Bank all undertook reviews of their policies to ensure that customers are not discriminated against based on their political or religious beliefs, as noted in a letter dated September 16th.
The letter emphasized the importance of their actions, stating that as more institutions become aware of the legal and reputational risks associated with politicized de-banking, their example becomes more crucial.
In response, President Donald Trump issued an executive order aiming to guide federal bank regulators against considering reputational risks in their decisions. The order underlined that no American should be barred from financial services due to their constitutionally protected beliefs or political views, to prevent discrimination based on such factors.
The Small Business Administration (SBA) has instructed over 5,000 lenders to eliminate discriminatory practices related to political affiliations by December 5, 2025, and to reinstate service to those denied access for political reasons.
Cameron from the DCNF commented that the executive order upholds financial freedom and counters politically motivated discrimination. Daniel echoed this, expressing that for too long, individuals on the conservative side, as well as religious groups and crypto companies, have faced discrimination from significant financial institutions.
Bank of America recently updated its code of conduct, removing provisions that previously emphasized diversity goals, which included mandates to interview candidates from “diverse slates.” This shift aligns with a broader aim to prohibit discrimination based on political or religious beliefs, according to reports from earlier this year.
A BOA spokesperson noted their commitment to making decisions devoid of political influence, while also acknowledging the importance of considering various stakeholder opinions in their code of conduct.
In June, Citigroup also suspended policies that limited banking services for firearm-related businesses. The bank’s head of enterprise services stated that they aim to enhance their commitment to fair service for all clients.
Meanwhile, some religious organizations have accused BoA of closing accounts based on their views. Following the Capitol Hill riots in January 2021, it was reported that BoA provided federal law enforcement with names of individuals who made transactions in the vicinity.
In March, JPMorgan Chase confirmed changes to their code, ensuring that their services would not discriminate against political beliefs or religious views. A spokesperson affirmed their commitment to equitable access to financial services, emphasizing that financial decisions should not be politically motivated.
Trump has previously mentioned that both JPMorgan Chase and Bank of America rejected his deposits based on his political beliefs, a situation that highlights ongoing tensions in the banking landscape concerning political affiliations.
