https://sputnikglobe.com/20230824/penalizing-by-debanking-over-political--religious-ideology-should-not-be-legal-1112858459.html
Penalizing by 'Debanking' Over 'Political & Religious' Ideology' Should Not Be Legal
Penalizing by 'Debanking' Over 'Political & Religious' Ideology' Should Not Be Legal
Sputnik International
The fact that banks can shut down someone’s bank account because they they "don't like your political ideology” should not be legal, David Tawil, Co-Founder of Pro-Chain Capital, told Sputnik.
2023-08-24T17:39+0000
2023-08-24T17:39+0000
2023-08-24T17:39+0000
analysis
us
jpmorgan chase
bank of america
nigel farage
kanye west
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The fact that banks can shut down someone’s bank account because they do not necessarily want to work with these particular individuals, saying “we don't like your political ideology” should not be legal, David Tawil, Co-Founder of Pro-Chain Capital, told Sputnik.“At the end of the day, there is corruption in the system… There is discrimination that happens,” said Tawil, adding:The so-called debanking row made fresh headlines in the US after a conservative Christian charity in operation since 2015 - Indigenous Advance Ministries - had its account shut down by Bank of America (BofA) in April. Referencing the development, Tawil stated that the American government has, in recent history, been resorting to “shutting down its pipes, its infrastructure to entities that it wanted to go ahead and penalize."“Anybody that gets discriminated against should scream foul because that's not what's supposed to happen here in the United States," David Tawil said.Indigenous Advance Ministries is a Memphis-based non-profit that positions itself as ‘pro-life,’ as per the 'Core Beliefs' tab on its website. Among its espoused evangelical Christian views is the notion that “all human life is sacred... from conception to natural death.” Furthermore, it states that “marriage between one man and one woman is the only proper context for sexual relations.” This non-profit has been partnering with Ugandan ministries to help orphaned children, while also providing vocational skills and mentorship to students and young adults in the African country. As the bank also shut down associated accounts belonging to Indigenous Advance Customer Center, a partner entity, and a church, it was quoted in the media as stating in a follow-up letter on May 24 that the non-profit’s “risk profile no longer aligns with the bank's risk tolerance.”“Upon review of your accounts, we have determined you're operating in a business type we have chosen not to service at Bank of America,” stated the bank.According to Indigenous, the closed deposit account contained around $270,000. The organization has since filed a complaint to the Tennessee Attorney-General's office, voicing concerns its accounts were shut down because the bank took issue with its “religious views.” Bank of America possibly violated consumer protection laws against “unfair and deceptive practices,” and its own “Code of Conduct,” touted as promoting “diversity and inclusion” with respect to religion, stated the complaint. After backlash from the non-profit itself, as well as campaigners who urged the need for more transparency over how it is decided which accounts are shut down, the Bank of America denied that "religious beliefs” are a “factor in any account-closing decision."‘Unbanking’ people isn't new, economist, professor, and consultant Mark Frost told Sputnik.Banks have always reserved the right to unbanked people to cancel the accounts of people that they deem risky, he said, but the phenomenon that has been going on since the dawn of banking was reserved for instances when, say, there were rumors that a business was about to go bankrupt, or suchlike. However, closing people's accounts for the express purpose of “punishing them for their political affiliations, religious affiliations, or whatever, is a function of the age of social media, and social media is what has driven this," he underscored.The fact that a bank can shut down your business for “essentially for any reason they want” is, in Mark Frost’s opinion, both “troubling,” and almost like it is “out of a dystopian novel.”The term “debanking” typically refers to cases where banks limit financial services to businesses deemed a money laundering risk. However, there have been increasing cases when companies have been accused of “political and religious” debanking. Before the case with Indigenous Advance made headlines, Christian preacher and author Lance Wallnau also reported having his Bank of America account frozen. Earlier in the year, 19 Republican states were reported as having penned a letter to CEO Jamie Dimon, accusing JPMorgan of closing bank accounts on political or religious grounds. They claimed accounts, like that of the non-profit National Committee for Religious Freedom (NCRF), were reinstated after a spate of “screening questions focused on religion and politics.” Two other names that come to mind when “debanking” is mentioned are controversial rapper celebrity Kanye West and UK’s Nigel Farage, the Brexit ‘champion’ of the UK, Both had been debanked. Former leader of the UK Independence Party and Brexit Party founder Nigel Farage had his account with the bank Coutts closed. In June, Farage said that Coutts, part of the wealth management arm of the NatWest Group and one of the world's oldest banks, had closed his personal and business accounts without explanation. Media reported that Farage had insufficient funds in his account, which the politician denied. Farage said the real reason was that the bank had labeled him a politically exposed person (PEP). The politician claimed to have laid eyes on a document which mentioned his stance on LGBT issues, his friendship with former US President Donald Trump and his position regarding Russia. Farage himself was described as "racist and homophobic" in the document, he said.Meanwhile, JPMorgan Chase earlier cut ties with rapper celebrity Ye West, formerly known as Kanye West, after he was at the center of several political controversies.“And that is legal. I don't think it should be, but it's legal," said Mark Frost, adding, "Imagine if you're you have a sandwich shop and you have a Bank of America account and they shut you down because you like Trump or something. That is not the sort of society that I want to live in.”
https://sputnikglobe.com/20221013/jpmorgan-chase-cuts-off-ye-west-here-are-the-three-worst-criminals-banks-have-worked-with-1101788695.html
https://sputnikglobe.com/20230719/uk-energy-minister-slams-coutts-bank-for-closing-nigel-farages-accounts-1111995711.html
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debanking, debanking in america, cases of debanking, bank accounts closed by bank of america
debanking, debanking in america, cases of debanking, bank accounts closed by bank of america
Penalizing by 'Debanking' Over 'Political & Religious' Ideology' Should Not Be Legal
Non-profit Indigenous Advance, that worked with ministries in Uganda to help children in need, had been informed by Bank of America earlier that its accounts were to be closed within 30 days. No specific reason was initially given, other than they were “operating in a business type we have chosen not to service at Bank of America.”
The fact that banks can shut down someone’s bank account because they do not necessarily want to work with these particular individuals, saying “we don't like your political ideology” should not be legal, David Tawil, Co-Founder of Pro-Chain Capital, told Sputnik.
“At the end of the day, there is corruption in the system… There is discrimination that happens,” said Tawil, adding:
“Political leanings should be the last level of discrimination, and it doesn't make any sense to me. Frankly, I couldn't care less what someone's political views were if they're doing business with me, that's the end of it.”
The so-called debanking row made fresh headlines in the US after a conservative Christian charity in operation since 2015 - Indigenous Advance Ministries - had its account shut down by Bank of America (BofA) in April. Referencing the development, Tawil stated that the American government has, in recent history, been resorting to “shutting down its pipes, its infrastructure to entities that it wanted to go ahead and penalize."
"And so it shouldn't come as any particular surprise that this is done in the banking system where, at the end of the day, the government does control, in part the banking system, through… the interbank lending window," he pointed out.
“Anybody that gets discriminated against should scream foul because that's not what's supposed to happen here in the United States," David Tawil said.
Indigenous Advance Ministries is a Memphis-based non-profit that positions itself as ‘pro-life,’ as per the 'Core Beliefs' tab on its website. Among its espoused evangelical Christian views is the notion that “all human life is sacred... from conception to natural death.” Furthermore, it states that “marriage between one man and one woman is the only proper context for sexual relations.” This non-profit has been partnering with Ugandan ministries to help orphaned children, while also providing vocational skills and mentorship to students and young adults in the African country. As the bank also shut down associated accounts belonging to Indigenous Advance Customer Center, a partner entity, and a church, it was quoted in the media as stating in a follow-up letter on May 24 that the non-profit’s “risk profile no longer aligns with the bank's risk tolerance.”
“Upon review of your accounts, we have determined you're operating in a business type we have chosen not to service at Bank of America,” stated the bank.
According to
Indigenous, the closed deposit account contained around $270,000. The organization has since filed a complaint to the Tennessee Attorney-General's office, voicing concerns its accounts were shut down because the bank took issue with its “religious views.” Bank of America possibly violated consumer protection laws against “unfair and deceptive practices,” and its own “
Code of Conduct,” touted as promoting “diversity and inclusion” with respect to religion, stated the complaint. After backlash from the non-profit itself, as well as campaigners who urged the need for more transparency over how it is decided which accounts are shut down, the Bank of America denied that "
religious beliefs” are a “
factor in any account-closing decision."
13 October 2022, 03:39 GMT
‘Unbanking’ people isn't new, economist, professor, and consultant Mark Frost told Sputnik.
Banks have always reserved the right to unbanked people to cancel the accounts of people that they deem risky, he said, but the phenomenon that has been going on since the dawn of banking was reserved for instances when, say, there were rumors that a business was about to go bankrupt, or suchlike. However, closing people's accounts for the express purpose of “punishing them for their political affiliations, religious affiliations, or whatever, is a function of the age of social media, and social media is what has driven this," he underscored.
The fact that a bank can shut down your business for “essentially for any reason they want” is, in Mark Frost’s opinion, both “troubling,” and almost like it is “out of a dystopian novel.”
The term “debanking” typically refers to cases where banks limit financial services to businesses deemed a money laundering risk. However, there have been increasing cases when companies have been accused of “political and religious” debanking. Before the case with Indigenous Advance made headlines, Christian preacher and author Lance Wallnau also reported having his Bank of America account frozen. Earlier in the year, 19 Republican states were reported as having penned a letter to CEO Jamie Dimon, accusing JPMorgan of closing bank accounts on political or religious grounds. They claimed accounts, like that of the non-profit National Committee for Religious Freedom (NCRF), were reinstated after a spate of “screening questions focused on religion and politics.”
Two other names that come to mind when “debanking” is mentioned are controversial rapper celebrity Kanye West and UK’s Nigel Farage, the Brexit ‘champion’ of the UK, Both had been debanked. Former leader of the UK Independence Party and Brexit Party founder Nigel Farage had his account with the bank Coutts
closed. In June, Farage said that Coutts, part of the wealth management arm of the NatWest Group and one of the world's oldest banks, had closed his personal and business accounts without explanation. Media reported that Farage had insufficient funds in his account, which the politician denied. Farage said the real reason was that the bank had labeled him a politically exposed person (PEP). The politician claimed to have laid eyes on a document which mentioned his stance on LGBT issues, his friendship with former US President Donald Trump and his position regarding Russia. Farage himself was described as "
racist and homophobic" in the document, he said.
Meanwhile, JPMorgan Chase earlier cut ties with rapper celebrity Ye West, formerly known as
Kanye West, after he was at the center of several political controversies.
“And that is legal. I don't think it should be, but it's legal," said Mark Frost, adding, "Imagine if you're you have a sandwich shop and you have a Bank of America account and they shut you down because you like Trump or something. That is not the sort of society that I want to live in.”
