An attorney for the Alliance Defending Freedom testified before Congress Thursday, saying some of the nation’s largest and most powerful financial institutions were excluding conservatives from banks because of their religious and political views.
Jeremy Tedesco, ADF Senior Counsel said According to the House Select Subcommittee on Federal Militarization, some banks have worked with law enforcement to portray certain Americans as potential “domestic terrorist threats if they purchase religious texts or firearms.” or support Donald Trump.”
“They maintain reputational risk policies that allow them to punish clients who have, in the institution’s opinion, problematic views. Many also have bans on “hate” and “intolerance” speech. that require subjective, value-based judgments from the client’s perspective,” the nonprofit legal group’s attorney said.
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“No American should be denied access to basic financial services, such as a bank account, debit or credit card, or payment processing, because of their religious or political views. Unfortunately, many Americans have good reason to fear that these essential financial services will be abruptly terminated based on the exercise of their First Amendment freedoms,” Tedesco added.
According to Daily SignalThe Treasury Department’s Financial Crimes Enforcement Network (FinCEN) sent an email to big bank executives, highlighting a report from the Institute for Strategic Dialogue and Global Disinformation Index titled “Bankrolling Bigotry: An Overview of the Online Funding Strategies of American Hate Groups.” “
The list “draws a false equivalence between some conservative civil society groups and the American Nazi Party and the Ku Klux Klan, suggesting that FinCEN views them the same way.” said the House Select Subcommittee on the Militarization of the Federal Government.
Tedesco explained how Bank of America canceled the accounts of religious organizations, including Indigenous Advance Ministries and a Memphis church, Servants of Christ.
He testified that Bank of America only told the organizations that “after reviewing your account(s), we have determined that you operate in a type of business that we have chosen not to offer to Bank of America “.
After the ADF demanded answers from the bank, the company said without explanation that Indigenous ministries “no longer fit the bank’s risk tolerance.”
As CBN News Sam Brownback, a former U.S. ambassador for religious freedom, also claims Chase Bank abruptly closed an account associated with his nonpartisan, faith-based nonprofit organization, with little explanation.
Brownback is the president of the National Committee for Religious Liberty (NCRF) and said that in 2022 the bank decided to “end its relationship” with the group and close the account after just three weeks.
“When our executive director called to see if this was an error, he was informed that “a note on file indicated that Chase employees were not authorized to provide additional information to the customer “, he explained.
“Why the cancellation? Why the secrecy and lack of transparency? Why did Chase hide its reasons and intentions for closing the account of a customer who seeks to serve the public good and defend the religious freedom of every person in America,” Brownback questioned.
The bank later said the group failed to provide requested documents within 60 days, but Brownback notes the account was only opened 20 days before it was closed.
Tedesco also pointed out that donations made to ADF through Fidelity Charitable were either obstructed or refused “unless they waive their anonymity.”
He urged Congress to pass the Fair Access to Banking Act, which would impose restrictions on banks, credit unions and payment card networks that refuse to do business with certain organizations or individuals.
“Many conservative and religious citizens and organizations are just a disgruntled activist, employee or regulator away from losing their bank account or payment processing,” Tedesco told the subcommittee.
“We cannot live in a free country if market access depends on our political or religious views,” he said.
At the state level, the Tennessee legislature is considering HB 2100 and SB 2148 which would prohibit banks and financial institutions from refusing or canceling their services to a person based on their political opinions, speech or religious affiliations, National review reports.
