Fifteen State Officials Issue Warning to Bank of America Regarding ‘De-banking’ Concerns for Christians

Bank of America has come under fire from a group of 15 state officials who have raised concerns about the institution’s “de-banking” of Christians. In an April 18th letter to Bank of America CEO Brian Moynihan, the officials expressed their worries over the bank’s policies and practices, stating that they threaten the company’s financial health, its reputation with customers, the nation’s economy, and the civil liberties of everyday Americans.

The officials highlighted Bank of America’s track record of discriminating against religious ministries, citing examples such as the closure of the accounts of Memphis-based charity Indigenous Advance Ministries and the Timothy Two Project, as well as freezing the accounts of Christian author and speaker Lance Wallnau. The bank provided vague reasons for these closures, initially claiming that the organizations’ activities exceeded its risk tolerance and that it no longer wanted to serve their “business type.” However, when confronted by an international media organization, the bank changed its reasoning and alleged that the closed accounts were engaged in debt collection.

The officials argue that these explanations were merely a ruse and that the bank’s actions suggest systemic drivers of religious and political bias. They pointed to Bank of America’s low score on the Viewpoint Diversity Score Business Index, which measures corporate respect for free speech and religious freedom. The bank scored a meager 8 percent out of a possible 100 percent on this index.

One of the key concerns raised by the officials is Bank of America’s vague terms of service, which allow the bank to deny services to clients promoting intolerance or hate. The officials argue that this policy can be weaponized against clients expressing certain views protected by the First Amendment. They also highlight Bank of America’s funding and partnership with anti-free speech organizations while preventing employees from giving to faith-based groups in their employee gift match program.

As the second largest bank in the nation and a recipient of government subsidies, Bank of America is urged by the officials to ensure equal access to the marketplace for all Americans and refrain from playing politics. The officials demanded that the bank implement certain recommendations, including eliminating discriminatory terms governing customers, updating its terms of service to include a commitment to not discriminate based on religion or politics, and participating in a survey to assess the impact of its policies on the civil liberties of its customers.

This issue of de-banking conservatives has been a topic of concern in recent years. Several banks, including JP Morgan Chase, Wells Fargo, Capital One, and Morgan Stanley, have been accused of engaging in political or religious discrimination. For instance, JP Morgan Chase refused to process payments for a GOP-aligned organization and shuttered the National Committee for Religious Freedom’s account without explanation. Morgan Stanley refused to do business with organizations that raised significant human rights, environmental, health, and safety or social responsibility issues.

In response to this financial discrimination, states are taking action. Iowa introduced Senate Study Bill 3094, which bans financial institutions from discriminating against customers using a “social credit score” based on their protected speech, religious exercise, association, expression, or conduct. Similarly, Tennessee introduced a bill that prohibits the 20 largest banks in the country from denying financial services based on political speech, religious belief, or a social credit score.

Bank of America has yet to respond to the officials’ letter and their demands. The concerns raised by these state officials highlight the importance of ensuring equal access to financial services for all Americans, regardless of their political or religious views. Financial institutions should be careful not to engage in discriminatory practices that infringe upon the civil liberties of their customers.