America’s largest bank just changed its policy to prevent the debanking of conservatives. Could this be a turning point in the battle against financial discrimination based on political and religious beliefs?
At a glance:
• JPMorgan Chase has amended its Code of Conduct to prevent discrimination based on religious and political views
• Chase had previously faced criticism for canceling accounts linked to conservative groups and religious organizations
• The policy change specifically prohibits discrimination based on religion, religious affiliation, political opinions, speech, or affiliations
• Former Senator Sam Brownback claimed his nonprofit’s account was canceled by JPMorgan due to political and religious discrimination
• Alliance Defending Freedom called the policy change a “major victory for free speech and religious freedom in the marketplace”
Major Win for Conservatives in Banking
JPMorgan Chase, America’s largest bank, has enacted a significant policy change to prevent discrimination against customers based on their religious or political beliefs. The amendment to their Code of Conduct comes after years of allegations that the banking giant was engaging in “debanking” – canceling accounts of conservatives and religious organizations without explanation.
The new policy specifically states there will be “no tolerance” for discrimination based on religion, religious affiliation, religious views, political opinions, speech, or affiliations. This protection extends to customers, suppliers, contractors, and employees who might have previously faced viewpoint-based discrimination from the financial institution.
Previous Discrimination Cases Prompted Change
The policy change follows several controversial incidents where Chase allegedly canceled accounts of conservative and religious organizations. In 2022, the bank notably canceled the account of the National Committee for Religious Freedom, a nonprofit led by former U.S. Senator Sam Brownback, and denied services to other conservative groups.
These actions prompted state attorneys general and financial officers to demand transparency from Chase regarding the cancelations in 2023. President Donald Trump also criticized JPMorgan at the Davos World Economic Forum for what he described as political discrimination against conservative customers. The problem is not unique to the US, and high-profile figures in Europe have suffered similar bank account closures or service denials.
Jeremy Tedesco, Alliance Defending Freedom (ADF) Senior Counsel and Senior Vice President for Corporate Engagement, praised the new policy: “This is a major victory for free speech and religious freedom in the marketplace. Chase’s good-faith negotiations and willingness to listen to its shareholders should encourage us all.”
My Bid to Make JPMorgan Less Woke "As a shareholder of @JPMorgan Chase, I proposed a resolution on Jan. 13 calling for an evaluation of the company’s discrimination policies, including those related to religious and political views. My proposal is a response to media reports that…
— Tom Fitton (@TomFitton) April 17, 2023
Setting a New Standard for Financial Industry
Chase has also dropped its payment processor WePay’s “social risk” policy, which previously allowed for viewpoint-based account actions. The bank’s acceptance of these changes led to the withdrawal of a shareholder proposal by Bowyer Research and another by the Alliance Defending Freedom, which had called for a report on religious discrimination risks.
Former Senator Brownback described the policy change as a “big win” and stressed that efforts must continue to prevent future discrimination. He maintained that his nonprofit’s account was canceled due to political and religious discrimination, despite JPMorgan’s denials.
A JPMorgan Chase spokesperson stated: “We regularly engage with our shareholders to address their feedback and educate them on our policies. We are glad we were able to come to an agreement.”
The bank continued to deny allegations of politically-motivated debanking, stating: “We have never and would never close an account for political or religious reasons, period. JPMorgan Chase serves individuals and industries in all 50 states across all political viewpoints.”
This policy change is expected to set a new standard for the financial industry, potentially leading to less politicization in business practices.
