Bank Policies Under Scrutiny for Political Discrimination
A recent letter acquired by the Daily Caller News Foundation indicates that the Corporate Watchdog Group has commended five major banks for their initiatives aimed at curbing “politicized de-banking.” The institutions involved—Bank of America, Citigroup, JPMorgan Chase, PNC Bank, and Regions Bank—have undertaken a comprehensive review of their policies this year to shield customers from bias based on political and religious viewpoints.
The letter, dated September 16, emphasizes that efforts like these are essential as more institutions begin to acknowledge the legal and reputational dangers associated with politically motivated account closures.
In an executive order, President Donald Trump directed federal regulators to eliminate the reliance on terms like “reputational risk,” which can lead to discriminatory practices. He articulated that it is US policy that access to financial services should not be hindered on the basis of constitutionally or legally protected beliefs or affiliations—aiming to ensure that personal convictions are not weaponized to restrict access to financial resources.
In line with these developments, the Small Business Administration has mandated a significant number of lenders to cease discriminatory practices by December 5, 2025, ensuring that those previously denied service for political reasons have their rights restored.
According to a spokesperson from Bank of America, the bank is now clarifying that politics won’t influence its decision-making. They mentioned that adapting the code of conduct to include diverse opinions was a careful choice to enhance their accountability.
Notably, prior to Trump’s executive order, Citigroup had already updated its policies in June to eliminate restrictions on banking services specifically for the firearms business, reinforcing its intention to provide fair service to all customers.
The feedback from various religious organizations further indicates that some banks have faced backlash for canceling accounts tied to specific beliefs. For instance, it’s reported that Bank of America provided names of individuals involved in transactions near the Capitol during the January 6 riots to federal law enforcement.
Similarly, JPMorgan Chase has stated its commitment to ensuring fair access across the board, asserting that it has updated its code to prevent discrimination based on political or religious views. A spokesperson commented on the importance of formalizing this commitment in corporate policy to avoid any potential biases.
While this move towards more inclusive policies seems positive on the surface, concerns linger regarding the legacy of prior discriminatory practices, spearheaded by the actions of these institutions. The broader implications for individuals with varying political beliefs remain a point of contention as society navigates this complex landscape.
