The international differences in ‘de-banking’: How the US, UK, and EU handle risk
Bank Account Closures and Political Ramifications Imagine waking up one day, logging into your bank account, only to find it frozen. Your card doesn’t work, standing orders are halted, and savings become inaccessible. There’s no fraud alert, just a message saying: “Your account has been closed. Please seek alternative arrangements.” This scenario isn’t as far-fetched […]
Crypto debanking continues as banks maintain Chokepoint policies
For years, crypto companies have struggled with bank closures and denials of services, often labeled as high-risk. Many within the crypto sector argue that these departures signal a deliberate effort to restrict digital assets, referred to informally as “Operation Chalk Point 2.0.” Initially, there was a sense that this trend might change with the election […]
Trump Signs Executive Orders to Address Politicized Debanking and Expand 401(k) Choices
Trump Signs Executive Orders on Banking Policies and 401(k) Investments On Thursday, President Donald Trump signed an executive order aimed at preventing politicized banking practices and enhancing the investment choices available for 401(k) plans for Americans. The first order seeks to ensure equitable banking services for all, prohibiting federal regulators from endorsing policies that allow […]
Trump to Sign Executive Order Against Debanking
President Donald Trump is expected to announce an executive order aimed at prompting banks to discriminate against conservative groups and cryptocurrency businesses. Reports suggest that the Trump administration is preparing to instruct bank regulators to investigate potential violations of the Equal Credit Opportunity Act, Antimonopoly Act, and Consumer Finance Protection Act by financial institutions. Institutions […]
Michael Knowles faces de-banking due to an alleged ‘legally binding order’
A significant payment processing platform has announced that it has halted payments to certain political commentators due to a “legally binding order.” On Monday, Michael Knowles expressed frustration, alleging that Stripe, the payment service in question, had effectively “banned” him. He speculated that this action stemmed from his political views. “Hello @Stripe. Are we still […]
Large bank reveals it will stop de-banking practices related to firearms and political beliefs.
US Banks End Discriminatory Practices In a notable shift, major banks in the US have decided to end policies that have long faced criticism for allegedly discriminating based on political beliefs and gun ownership. This change comes after years of backlash regarding what some referred to as unfair “debanking” practices. Citigroup, for example, recently announced […]
What is debanking? Why Citi announced it will no longer debank for political reasons?
Citigroup Policy Changes Address Political Discrimination Concerns Citigroup has declared it will not engage in what some are calling “debanking” based on political views. The bank has also retracted its firearms policy, first enacted after the 2018 Parkland shooting. Recent accusations against banks involve the closure of accounts tied to customers’ political leanings. On Tuesday, […]
What Is ‘Debanking’? Understanding How Access to a Bank Account Became a Political Issue.
Back when Brian P. Brooks served as a financial regulator during the early Trump years, he often heard companies complain about being “cut off,” which, honestly, made him want to roll his eyes. These were mostly voices from sectors like private prisons and fracking firms, grumbling to Brooks, who was the acting chief of currency, […]
Trump Organization, Eric Trump sue Capital One for ‘unjustifiable’ debanking based on ‘woke’ beliefs in 2021
The Trump organization is suing capital after “unfairly” termination of more than 300 of the bank accounts and accounts of a large number of Trump family companies in 2021. Eric Trump told Fox News Digital that he will hold major businesses accountable for the “severe nature of cancellations based on political bias.” The Trump organization […]
Trump Organization sues Capital One for de-banking family-linked accounts, alleges ‘woke’ political motives
The Trump organization is suing Capital One because it allegedly banks hundreds of accounts tied to the president's family because it is said to have “wakened” political motivations. “I can't say how difficult it is to change more than 300 bank accounts, and for no reason,” said Eric Trump, executive vice president of the Trump […]