A group of state officials from 13 states have banded together to send a strong message to the banking giant Bank of America.
In a letter addressed to CEO Brian Moynihan, the officials expressed their concerns over the institution’s “de-banking” practices, particularly when it comes to discriminating against Christians.
The letter, signed by officials from Alabama, Arizona, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Nebraska, Nevada, North Dakota, Oklahoma, South Carolina, and Utah, outlines multiple instances where Bank of America has shut down or frozen the accounts of religious organizations and individuals.
For example, in 2020, the bank shut down the account of Timothy Two Project International, a Christian group that trains pastors in over 65 nations, citing that the organization operated a “business type” that the bank did not want to service. The same year, Bank of America also froze the accounts of well-known Christian author and speaker Lance Wallnau, accusing him of money laundering without providing any evidence.
Bank of America told a Christian non profit that rejects abortion and sodomite marriage that they were,
“operating in a business type we have chosen not to service at Bank of America and would be closed within 30 days.”
If only there was a way to save, transact and participate… pic.twitter.com/PBNpCbEQ5u
— Pastor Coin (@pastorcoin) April 24, 2024
Perhaps the most concerning case is that of Indigenous Advance Ministries, a charity that works with orphaned and at-risk children in Uganda. Bank of America closed their account and that of a Memphis church that donated to the organization, claiming their activities exceeded the bank’s “risk tolerance” and that they no longer wanted to serve their “business type.”
However, when pressed by the media, the bank changed their reasoning, alleging that the charity was actually engaging in debt collection – a claim that the officials argue is unfounded and a mere cover-up for discrimination.
The letter also points out that Bank of America’s policies are vague and allow for discrimination based on political or religious views. For example, their terms of service state that they can refuse services to clients who “promote intolerance…or hate.”
This opens the door for the bank to target customers who express views protected by the First Amendment and goes against their obligation to ensure equal access to the marketplace for all Americans.
New voicemail on Trump’s indicted lawyer John Eastman’s phone from Bank of America canceling his account. pic.twitter.com/zRBARhDr5l
— Ron Filipkowski (@RonFilipkowski) April 18, 2024
The issue of de-banking conservative organizations and individuals has been a growing concern in recent years, with other banks such as JP Morgan Chase, Wells Fargo, Capital One, and Morgan Stanley coming under fire for similar discriminatory practices.
In response, some states like Iowa and Tennessee have introduced bills to ban financial institutions from discriminating against customers based on their social credit score – defined as any evaluation of a person’s speech, religious exercise, association, expression, or conduct protected by the First Amendment.
Officials demand that the bank implement changes to their policies, including eliminating discriminatory terms and updating their terms of service to include a commitment to not discriminate on the basis of religion or politics.
As the second-largest bank in the nation and a recipient of government subsidies, Bank of America is obligated to ensure equal access to the marketplace for all Americans. It is time for them to end their discriminatory practices and uphold the civil liberties of their customers.
