First appearance on Fox: A group of 15 treasurers representing 13 states warned Bank of America about what it called “politicized debanking” practices targeting conservatives.
in Letter to Bank of America CEO Brian MoynihanOfficials said the bank’s actions threaten its own financial health and reputation with customers, while harming the U.S. economy and Americans’ civil liberties. In addition to poor ratings for viewpoint diversity, they pointed to examples of Bank of America closing accounts of Christian organizations and leaders and joining the Net Zero Climate Alliance.
“Americans should not have to worry that their personal financial decisions will be weaponized,” Kentucky State Comptroller Alison Ball said in a statement. “This practice has become all too common, and banks must urgently change course to uphold their fiduciary responsibilities and protect Americans’ constitutional liberties.”
He accused financial executives of “taking advantage of a divided political climate to politicize debanking.”
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A Bank of America spokesperson told Fox News Digital: “Given that many of the nonprofits we serve are affiliated with religious organizations, religious beliefs may not influence the decision to close accounts. It would be foolish to think that this could be a factor.” “Simply put, it’s not.” (AP2013)
In one example highlighted by Ball and 14 other officials, Bank of America announced in April 2023 that a Christian group supporting at-risk children, prisoners and sex trafficking victims in Uganda He closed the bank account of the charity Indigenous Advancement Ministries. The bank also closed the account of a Memphis, Tennessee, church that donated to the organization.
Bank of America said the action was taken because the group’s “business structure” and activities exceeded the “bank’s risk tolerance.” The Christian Post reported that after repeated requests for clarification from Indigenous Advance Ministries, Bank of America claimed the accounts were closed because companies affiliated with the group were involved in debt collection.
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Bank of America took similar action last year, according to the letter. Timothy Two Project International account has been closed, which trains pastors in more than 65 countries. The bank reportedly told Timothy Two Projects International that it “operates in industries that it has chosen not to serve.”
And three years earlier, Bank of America reportedly froze the accounts of Christian author and preacher Lance Wallnow. suspected of money laundering. The account was later unsuspended after they asked “intrusive” questions about his activities, state officials wrote.
Bank of America CEO Brian Moynihan moderates a discussion at Georgetown University in Washington, DC. (Drew Angerer/Getty Images)
The letter said Bank of America’s actions “strongly suggest that systemic factors of religious and political bias may be at work throughout the company.” He pushed back against the accusations.
“Given that many of the nonprofit organizations we serve are affiliated with religious organizations, it would be absurd to think that religious beliefs would be a factor in account closure decisions,” Bank of America said.・American spokesperson Bill Holdin told FOX News Digital. “Simply put, it’s not.”
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State finance officials also said Bank of America’s membership in the so-called Net Zero Banking Alliance, a global group that coordinates bank actions to advance the transition to green energy, will , said that debanking could be accelerated. They pointed out that promises made by Bank of America through its members could significantly harm farmers in the states by leading to higher prices.
Kentucky State Auditor Alison Ball pictured at the Kentucky State Capitol on January 2, 2024. (AP Photo/Timothy D. Easley, File)
And the letter pointed to Bank of America’s low ranking in the Viewpoint Diversity Score Business Index, a benchmark that measures a company’s respect for free speech and religious freedom. According to the index, Bank of America partners with left-wing groups such as the Human Rights Campaign and the Center for American Progress on gift-matching programs, but excludes faith-based groups and instead sends money to “homeless shelters.” They are offering support. , soup kitchens, and other social service needs. ”
The letter to Mr. Moynihan said, “This pattern of internal political and religious bias at Bank of America is a threat not only to public funds invested in the company, but also to the millions of people who depend on its services. poses risks to individuals, businesses, and nonprofit organizations.” “Bank of America’s debanking policies and practices inappropriately subordinate financial health to other factors and put the company’s business interests at risk.”
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The letter concludes by asking Bank of America to take honest steps to address the concerns, including eliminating status discrimination and withdrawing from the Net Zero Banking Alliance.
“Financial institutions like Bank of America should not be allowed to restrict Americans’ access to capital based solely on their political or religious views,” State Financial said in a statement. We will continue to work together with the government to fight for financial soundness, regardless of political intentions.” Officers Foundation CEO Derek Kreifels.
