Financial Officers Blast Bank Of America For ‘De-Banking’ Conservatives

Republican state officials are fighting back against the weaponization of the financial industry against conservatives. Financial officers for 13 states cautioned Bank of America over its active persecution through de-banking those who do not adhere to liberal orthodoxy.

 

The officials addressed a letter last week to Bank of America CEO Brian Moynihan. They warned of the threat of such actions to civil liberties as well as the financial health and community standing of the Wall Street firm.

 

Kentucky State Auditor Allison Ball released a statement saying that upstanding citizens “should never have to worry that their personal financial decisions will be weaponized against them.”

 

 

Ball added that such egregious practices are now “all too common, and banks must urgently course correct to uphold their fiduciary duty and safeguard the constitutional freedoms of Americans.” This from an industry which should be void of politics and decidedly nonpartisan. 

 

The missive cited examples of allegedly targeting accounts held by Christian groups.

 

Among these was the inexplicable closing by Bank of America of the account of Timothy Two Project International. This organization trains Christian ministers for outreach in various nations.

 

According to the Washington Examiner, its officers were told by the financial institution that it engaged in “a business type we have chosen not to service.”

 

Subsequent letters made the dubious claim that the group “no longer aligns with the bank’s risk tolerance.”

 

Another Christian group that apparently ran afoul of Bank of America policies was Indigenous Advance Ministries. This organization works with at-risk children, convicts and victims of human trafficking in Uganda.

 

The bank also closed the account of a Tennessee congregation that contributed to the charitable group.

 

Pressed for an explanation, Bank of America once again rolled out the “business type” excuse and mentioned its “risk tolerance.” When more requests for its reasoning came from Indigenous Advance Ministries, the bank said a business affiliated with the charity engaged in debt collection.

 

As if a multinational bank does not conduct debt collection directly or through proxies.

 

Bank of America cited its numerous relationships with other nonprofits as a defense for accusations of bigotry against Christian organizations. But the letter from state officials accused the Wall Street giant of practicing “religious and political bias.” 

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  • T
    April 24, 2024
    TPS

    And what action will be taken against them for these dissimilatory practices? Maybe they should be shut down. JMO

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