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

FIRST ON FOX: A radical of 15 fiscal officers representing 13 states issued a informing to Bank of America implicit 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 endanger its ain fiscal wellness and estimation with customers, portion simultaneously harming the U.S. system and Americans' civilian liberties. They pointed to examples of Bank of America shuttering the accounts belonging to Christian groups and leaders, and joining a net-zero clime alliance, successful summation to its mediocre viewpoint diverseness rating.

"Americans should ne'er person to interest that their idiosyncratic fiscal decisions volition beryllium weaponized against them," Kentucky State Auditor Allison Ball said successful a statement. "This signifier has go each excessively common, and banks indispensable urgently people close to uphold their fiduciary work and safeguard the law freedoms of Americans."

She blasted executives astatine fiscal institutions for taking vantage "of the divided governmental clime to prosecute successful politicized de-banking."

CHRISTIAN NONPROFIT CLAIMS IT WAS 'DEBANKED' BY BANK OF AMERICA OVER ITS RELIGIOUS VIEWS

"Given the ample fig of non-profits we service that are affiliated with spiritual organizations, it’s absurd to deliberation spiritual beliefs are a origin 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 the different 14 officials, successful April 2023, Bank of America unopen down the slope relationship belonging to Indigenous Advance Ministries, a Christian charitable organization that assists at-risk children, prisoners and enactment trafficking victims successful Uganda. The slope further closed the accounts of a Memphis, Tenn., religion that donated to that group.

Bank of America explained the enactment was taken because of the group's "business type" and that its activities exceeded the "bank’s hazard tolerance." After repeated requests for clarification from Indigenous Advance Ministries, Bank of America claimed the accounts were closed due to the fact that a concern affiliated with the radical engaged successful indebtedness collection, The Christian Post paper reported.

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According to the letter, successful a akin enactment past year, Bank of America closed the 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 concern benignant we person chosen not to service."

And 3 years prior, Bank of America reportedly froze the 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, the authorities officers wrote.

Bank of America CEO Brian Moynihan moderates a treatment astatine Georgetown University successful Washington, D.C. (Drew Angerer/Getty Images)

The missive stated that Bank of America's actions powerfully suggest that "systemic drivers of spiritual and governmental bias whitethorn beryllium astatine enactment wrong the institution arsenic a whole. The bank, though, pushed backmost connected those accusations.

"Given the ample fig of non-profits we service that are affiliated with spiritual organizations, it’s absurd to deliberation spiritual beliefs are a origin successful immoderate relationship closing decision," Bank of America spokesperson Bill Halldin told Fox News Digital. "Very simply, they are not."

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The authorities fiscal officers besides said Bank of America's rank successful the alleged Net-Zero Banking Alliance, a planetary radical that coordinates actions taken by banks to propulsion a greenish vigor 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 volition pb to higher prices.

Kentucky State Auditor Allison Ball is pictured astatine the Kentucky State Capitol connected Jan. 2, 2024. (AP Photo/Timothy D. Easley, File)

And the missive pointed to Bank of America's debased ranking connected the Viewpoint Diversity Score Business Index, a benchmark measuring firm respect for escaped code and state of religion. The scale recovered that Bank of America partners with left-wing groups similar the Human Rights Campaign and the Center for American Progress erstwhile it comes to its gift-matching program, but leaves retired faith-based groups, alternatively citing its enactment for "homeless shelters, crockery kitchens oregon different societal work needs."

"This signifier of interior governmental and spiritual bias astatine Bank of America poses risks for nationalist funds invested successful the institution arsenic good arsenic for the millions of individuals, businesses, and nonprofits who trust connected its services," the missive to Moynihan stated. "Bank of America’s de-banking policies and practices improperly subordinate fiscal well-being to different factors and spot the company’s concern interests astatine risk."

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The missive concluded by asking Bank of America to instrumentality a fig of bully religion steps to code the concerns, including eliminating viewpoint favoritism and exiting the Net-Zero Banking Alliance.

"Financial institutions similar Bank of America should not beryllium allowed to restrict Americans' entree to superior based solely connected their governmental oregon spiritual views. SFOF volition proceed to enactment with our members to combat for fiscal sanity, escaped of governmental agendas," said State Financial Officers Foundation CEO Derek Kreifels.