A group of 15 financial officers from 13 different states recently issued a warning to Bank of America regarding their alleged practices of “politicized de-banking” that specifically target conservatives. The officials expressed concern that Bank of America’s actions not only threaten the bank’s financial health and reputation with customers, but also harm the U.S. economy and Americans’ civil liberties. Examples cited include the closure of accounts belonging to Christian groups and leaders, as well as the bank’s involvement in a net-zero climate alliance. Kentucky State Auditor Allison Ball criticized financial institutions for taking advantage of the divided political climate to engage in politicized de-banking.
One notable example highlighted by the officials was Bank of America’s decision to shut down the bank account of Indigenous Advance Ministries, a Christian charitable organization that assists at-risk children, prisoners, and sex trafficking victims in Uganda. The bank also closed the accounts of a Memphis church that donated to the group. Bank of America claimed that the action was taken due to the group’s “business type” exceeding the bank’s risk tolerance. The bank further explained that the accounts were closed because a business affiliated with the group was engaged in debt collection, as reported by The Christian Post.
Last year, Bank of America reportedly closed the account of Timothy Two Project International, which trains pastors in over 65 countries, stating that it was operating a business type the bank chose not to service. Additionally, three years prior, the bank froze the accounts of Christian author and preacher Lance Wallnau for alleged money laundering before unfreezing his account after asking invasive questions. While the officials suggested systemic religious and political bias within Bank of America, the bank denied these accusations, insisting that religious beliefs do not influence account-closing decisions.
The state financial officers also criticized Bank of America’s membership in the Net-Zero Banking Alliance, an alliance that promotes a greener energy transition, noting that commitments made through membership could negatively impact farmers in their states due to potential price increases. They highlighted Bank of America’s low ranking on the Viewpoint Diversity Score Business Index, which measures corporate respect for free speech and freedom of religion. The bank was found to partner with left-wing groups for its gift-matching program while leaving out faith-based groups, citing support for social service needs.
The letter to Bank of America concluded with a call for the bank to take various steps to address concerns, including eliminating viewpoint discrimination and exiting the Net-Zero Banking Alliance. State Financial Officers Foundation CEO Derek Kreifels emphasized the importance of not allowing financial institutions like Bank of America to restrict Americans’ access to capital based on their political or religious views. The foundation pledged to continue working with its members to advocate for financial sanity free of political agendas.
