4 weeks ago
FIRST ON FOX: A group of 15 financial officers representing 13 states issued a informing to Bank of America complete its alleged practices of "politicized de-banking" targeting conservatives.
In a letter to Bank of America CEO Brian Moynihan, nan officials said nan bank's practices frighten its ain financial wellness and estimation pinch customers, while simultaneously harming nan U.S. system and Americans' civilian liberties. They pointed to examples of Bank of America shuttering nan accounts belonging to Christian groups and leaders, and joining a net-zero ambiance alliance, successful summation to its mediocre viewpoint diverseness rating.
"Americans should ne'er person to interest that their individual financial decisions will beryllium weaponized against them," Kentucky State Auditor Allison Ball said successful a statement. "This believe has go each excessively common, and banks must urgently people correct to uphold their fiduciary work and safeguard nan law freedoms of Americans."
She blasted executives astatine financial institutions for taking advantage "of nan divided governmental ambiance to prosecute successful politicized de-banking."
CHRISTIAN NONPROFIT CLAIMS IT WAS 'DEBANKED' BY BANK OF AMERICA OVER ITS RELIGIOUS VIEWS
"Given nan ample number of non-profits we service that are affiliated pinch belief organizations, it’s absurd to deliberation belief beliefs are a facet successful immoderate relationship closing decision," a Bank of America spokesperson told Fox News Digital. "Very simply, they are not." (AP2013)
In 1 illustration highlighted by Ball and nan different 14 officials, successful April 2023, Bank of America unopen down nan slope relationship belonging to Indigenous Advance Ministries, a Christian charitable organization that assists at-risk children, prisoners and activity trafficking victims successful Uganda. The slope further closed nan accounts of a Memphis, Tenn., religion that donated to that group.
Bank of America explained nan action was taken because of nan group's "business type" and that its activities exceeded nan "bank’s consequence tolerance." After repeated requests for explanation from Indigenous Advance Ministries, Bank of America claimed nan accounts were closed because a business affiliated pinch nan group engaged successful indebtedness collection, The Christian Post newspaper reported.
GOP AGS PUT A MAJOR US BANK ON NOTICE FOR ALLEGED 'DE-BANKING' OF CONSERVATIVES
According to nan letter, successful a akin action past year, Bank of America closed nan relationship of Timothy Two Project International, which trains pastors successful much than 65 countries. The slope reportedly informed Timothy Two Project International that it was "operating a business type we person chosen not to service."
And 3 years prior, Bank of America reportedly froze nan accounts of Christian writer and preacher Lance Wallnau for allegedly laundering money. It past unfroze his relationship aft asking him "invasive" questions astir his activities, nan authorities officers wrote.
Bank of America CEO Brian Moynihan moderates a chat astatine Georgetown University successful Washington, D.C. (Drew Angerer/Getty Images)
The missive stated that Bank of America's actions powerfully propose that "systemic drivers of belief and governmental bias whitethorn beryllium astatine activity wrong nan institution arsenic a whole. The bank, though, pushed backmost connected those accusations.
"Given nan ample number of non-profits we service that are affiliated pinch belief organizations, it’s absurd to deliberation belief beliefs are a facet successful immoderate relationship closing decision," Bank of America spokesperson Bill Halldin told Fox News Digital. "Very simply, they are not."
NIGEL FARAGE ON HIS EFFORTS TO EXPOSE 'DE-BANKING'
The authorities financial officers besides said Bank of America's rank successful nan alleged Net-Zero Banking Alliance, a world group that coordinates actions taken by banks to push a greenish power transition, whitethorn facilitate de-banking. They noted that commitments made by Bank of America done its rank could greatly harm farmers successful their states since it will lead to higher prices.
Kentucky State Auditor Allison Ball is pictured astatine nan Kentucky State Capitol connected Jan. 2, 2024. (AP Photo/Timothy D. Easley, File)
And nan missive pointed to Bank of America's debased ranking connected nan Viewpoint Diversity Score Business Index, a benchmark measuring firm respect for free reside and state of religion. The scale recovered that Bank of America partners pinch left-wing groups for illustration nan Human Rights Campaign and nan Center for American Progress erstwhile it comes to its gift-matching program, but leaves retired faith-based groups, alternatively citing its support for "homeless shelters, crockery kitchens aliases different societal work needs."
"This shape of soul governmental and belief bias astatine Bank of America poses risks for nationalist costs invested successful nan institution arsenic good arsenic for nan millions of individuals, businesses, and nonprofits who trust connected its services," nan missive to Moynihan stated. "Bank of America’s de-banking policies and practices improperly subordinate financial well-being to different factors and spot nan company’s business interests astatine risk."
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The missive concluded by asking Bank of America to return a number of bully religion steps to reside nan concerns, including eliminating viewpoint favoritism and exiting nan Net-Zero Banking Alliance.
"Financial institutions for illustration Bank of America should not beryllium allowed to restrict Americans' entree to superior based solely connected their governmental aliases belief views. SFOF will proceed to activity pinch our members to conflict for financial sanity, free of governmental agendas," said State Financial Officers Foundation CEO Derek Kreifels.
Thomas Catenacci is simply a authorities writer for Fox News Digital.
