Banks are demanding clearer guidelines from the government to ensure they aren’t forced to close accounts of conservative customers based on political grounds. Leading institutions like Bank of America and JPMorgan Chase have faced criticism from President Trump, who claims they turned away conservative clients due to politics. The banks argue they serve millions of clients without political bias, insisting they follow strict banking policies free from partisan interference.
The financial sector is under pressure as Trump and others accuse major Wall Street firms of “debanking,” a move that has drawn criticism from long-standing political opponents who allege these institutions prioritize activism over fair financial services. The banks are also expected to push for stricter regulations on money laundering and clearer standards for customer assessments, amid growing demands from regulators and industry groups.
A spokesperson for Bank of America emphasized the bank’s commitment to fair banking practices, stating it never closes accounts based on political or religious reasons. Similar assurances have been made by JPMorgan Chase, which is also engaging with federal and state authorities to address concerns about its conservative customer policies.
The situation highlights the growing tension between financial institutions and political ideology as global regulators scrutinize whether major players are prioritizing activism over equitable financial regulation.
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*Note: This article has been abbreviated for clarity.*
Source: https://www.reuters.com/business/finance/bofa-plans-engage-with-white-house-congress-debanking-spokesperson-2025-01-24