Over a dozen Republican attorneys general have sent a letter to Bank of America warning against alleged practices of “de-banking” certain customers because of their religious or political views. The letter states that Bank of America appears to be conditioning access to its services on customers having the bank’s preferred religious or political views, which the AGs argue is a serious threat to free speech and religious freedom. Bank of America’s media relations representative denied these claims, stating that religious beliefs are not a factor in any account-closing decision. The AGs claim that Bank of America has previously denied services to gun manufacturers, fossil-fuel producers, contractors for ICE, and private prisons.
The letter cites reports that Bank of America cooperated with law enforcement agencies to profile conservative and religious Americans as potential domestic terrorists, undermining free speech, religious freedom, and privacy rights. The AGs express concern that Bank of America is willing to cooperate in infringing its customers’ constitutional and privacy rights to help law enforcement surveil and target conservative Americans. The AGs are calling on the bank to provide a written report about its account-cancellation policies and practices, particularly regarding risk tolerance, reputational risk, hate, intolerance, and whether a customer’s speech or religious exercise is considered in these policies. They also request the bank to update its terms of service to state that it does not discriminate against customers for their religious or political views or speech.
Bank of America denies the allegations, stating that it followed all applicable laws in its interactions with the Trump Administration’s Treasury Department and law enforcement, which urgently gathered major banks and law enforcement in response to potential criminal activity that could disrupt the inauguration. The AGs argue that Bank of America used innocuous information about customers, such as their political views or purchases, to label them as potential domestic terrorists. The AGs assert that Bank of America willingly participated in financial surveillance and voluntarily shared confidential customer information without a warrant or customer notification.
The group of Republican attorneys general, including representatives from Mississippi, Idaho, Iowa, Alabama, and others, are concerned about Bank of America’s power and reach as the second-largest bank in the country with nearly 15% of all domestic deposits. They accuse the bank of using its influence to punish conservative and religious customers by handing their data over to law enforcement and canceling their accounts. The AGs express their commitment to protecting a culture of free speech within their states and warn the bank of potential investigations, litigation, regulation, and political backlash if they continue these practices.
The AGs are calling on Bank of America CEO Brian T. Moynihan to be transparent and assure them, shareholders, and others that the bank will not continue to de-bank customers for their speech or religious exercise. They request that the bank update its terms of service to prohibit discrimination against customers based on religious or political views and support shareholder proposals protecting religious and political diversity. The AGs emphasize the importance of defending the constitutional rights of all Americans when they are threatened by big business, and warn Bank of America of the legal, regulatory, and political consequences if these practices persist. The letter highlights the potential illegality and discrimination involved in de-banking customers based on their beliefs, and calls for immediate action to address these concerns.
