Debanking
A new federal report has uncovered “irrefutable evidence that the nation’s banks have denied, debanked, and discriminated against” conservatives and certain businesses because of their political perspective. The 47-page report comes from the Office of the Comptroller of the Currency. The banks mentioned are JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank.
For example, according to the report, Wells Fargo forced a payment processor to debank a religious nonprofit over its opposition to same-sex marriage. The bank also declined loans to firearms businesses. PNC apparently denied a line of credit to a media company after employees complained that the conservative owners had opinions “contrary to PNC’s beliefs/values.”
Apparently four of the largest banks I just mentioned also relied on the Southern Poverty Law Center in decisions affecting conservative and religious organizations.
This is not the first time I have talked about debanking in my commentary, and I suspect it won’t be my last. But I am encouraged by some of the comments this report has generated.
Jonathan Gould serves as the Comptroller of the Currency and noted that “Americans should have access to financial services regardless of their beliefs, affiliations, or political views.” He added that “The Trump Administration is committed to ending the weaponization of finance against hardworking Americans, once and for all.”
House Oversight Committee Chairman James Comer explained that “No American should be locked out of the banking system for being conservative or Christian.” It is time to end this practice of debanking.
Listen to this Viewpoint
Viewpoints
View All
Jonah or Nahum?
With the election behind us, there is a question some are asking about the future of this country. Is America in a Jonah moment or a Nahum moment? Let me explain.
Rinkonomics and Socialism
The Democratic Socialists that were elected last week might learn a simple lesson from “Rinkonomics.” That was an article written many years ago by Daniel Klein. He used the idea of a skating rink to...
Take Action
View All
Protect Privacy Against Flock Cameras
Flock cameras are everywhere. While one camera is a tool, the more than 100,000 AI-powered cameras now posted around our nation are a new layer of dig...
Support the Safeguarding Women from Chemical Abortion Act
The abortion pill harms women and kills unborn children. Congress must act.