State financial officers put Bank of America on notice for allegedly 'de-banking' conservatives

Posted 36 days ago

From WWW.FOXNEWS.COM

FIRST ON FOX: A group of 15 financial officers representing 13 states issued a warning to Bank of America over its alleged practices of "politicized de-banking" targeting conservatives.

In a letter to Bank of America CEO Brian Moynihan, the officials said the bank's practices threaten its own financial health and reputation with customers, while simultaneously harming the U. S. economy and Americans' civil liberties. They pointed to examples of Bank of America shuttering the accounts belonging to Christian groups and leaders, and joining a net-zero climate alliance, in addition to its poor viewpoint diversity rating.

"Americans should never have to worry that their personal financial decisions will be weaponized against them," Kentucky State Auditor Allison Ball said in a statement. "This practice has become all too common, and banks must urgently course correct to uphold their fiduciary duty and safeguard the constitutional freedoms of Americans."

She blasted executives at financial institutions for taking advantage "of the divided political climate to engage in politicized de-banking."

In one example highlighted by Ball and the other 14 officials, in April 2023, Bank of America shut down the bank account belonging to Indigenous Advance Ministries, a Christian charitable organization that assists at-risk children, prisoners and sex trafficking victims in Uganda. The bank further closed the accounts of a Memphis, Tenn., church that donated to that group.

Bank of America explained the action was taken because of the group's "business type" and that its activities exceeded the "bank’s risk tolerance." After repeated requests for clarification from Indigenous Advance Ministries, Bank of America claimed the accounts were closed because a business affiliated with the group engaged in debt collection, The Christian Post newspaper reported.

According to the letter, in a similar action last year, Bank of America closed the account of Timothy Two Project International, which trains pastors in more than 65 countries. The bank reportedly informed Timothy Two Project International that it was "operating a business type we have chosen not to service."

And three years prior, Bank of America reportedly froze the accounts of Christian author and preacher Lance Wallnau for allegedly laundering money. It then unfroze his account after asking him "invasive" questions about his activities, the state officers wrote.... (Read more)