Bank of America scrapped a controversial “viewpoint” rule that critics say allowed the bank to deny services to conservatives and religious groups.
The bank confirmed in late June that it updated its code of conduct to state explicitly that services cannot be denied based on religious beliefs, the New York Post reported Aug. 13.
The change followed complaints that major banks blacklisted Christian ministries and conservative organizations for opposing certain ideologies like same-sex “marriage,” according to the Post. Banks had reportedly labeled such opposition as “hate speech.”
“While we have been very clear that politics is not a factor in our decisions, we received thoughtful input from a range of stakeholders and agreed it is best to explicitly add that to our Code of Conduct,” a spokesman said, the Post reported. “Religious views are not a factor in any account closing decision.”
Economist Jerry Bowyer, CEO of Bowyer Research, told the Post he discovered Bank of America’s “viewpoint” policy after the bank closed the account of a Tennessee Evangelical church in 2023.
The bank cited the church’s connection to a debt collection business in Uganda, but, according to the church, the operation was intended to provide jobs for struggling families in the country.
Other major banks, including JPMorgan, reportedly rolled back similar rules in 2024 after pressure from conservative activists.
President Donald Trump, a longtime critic of banks he says target conservatives, signed an executive order Aug. 7 directing regulators to eliminate policies enabling “politicized or unlawful debanking,” according to a White House statement.
As CatholicVote reported, the administration said regulators had encouraged banks to flag peer-to-peer transactions with political keywords like “Trump” or “MAGA” and scrutinize purchases from companies like Bass Pro Shops or Cabela’s.
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Author: Elise Winland
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