(Reuters) – In the last 13 years, fewer than 1% of customers who complained in detail about their savings accounts being closed with the U.S. Consumer Financial Protection Bureau (CFPB) claimed their banks acted based on political or religious reasons. This comes despite efforts by the government to address what it categorizes as “systemic abuse” in the financial sector, which the administration suggests is often mischaracterized by conservative factions.
Earlier this month, President Donald Trump signed an executive order advising banks against discrimination based on political or religious views, identifying this as a form of bias against conservatives. The White House claims the order aims to combat “systemic abuse by financial institutions that inhibit free expression and economic opportunities.”
Yet, the actual instances of customers being denied banking services over political affiliations are minimal. Out of 8,361 detailed complaints lodged against banks concerning account closures since 2012, only 35 mentioned terms like “politics,” “religion,” “conservatives,” and “Christians,” according to reviews by Reuters.
“That’s not a real issue. ‘Debanking’ is merely a cover for political attacks,” remarked Amanda Jackson, director of Americans for Financial Reform, a coalition advocating for progressive causes.
Others argue that the more pressing concern is ensuring U.S. banks cater to low-income consumers. Banks claim they’re striving to maintain equitable access while combating growing fraud, asserting they haven’t barred customers based on political opinions.
Acting CFPB Director Russell Vought and White House Office of Management and Budget communications director Rachel Cauley dodged inquiries about the low number of relevant complaints. However, they reiterated that the Trump family and others had faced account closures allegedly based on political or religious beliefs.
Cauley compared this situation to “Orwellian censorship tactics” against American ideals, asserting that access to the banking system is a fundamental right for everyone in the U.S.
The CFPB does not disclose filers’ identities. None of the 35 reported complaints provided proof that accounts were closed for political or religious reasons, although filers expressed suspicion about such motives.
One 2023 complaint regarding JPMorgan noted, “We believe this is discriminatory behavior based on race, religion, and/or political views.”
