JPMorgan Chase bows to legal pressure, promises not to debank customers on religious or political grounds

JPMorgan Chase bows to legal pressure, promises not to debank customers on religious or political grounds – for now

By ramontomeydw // 2025-03-18

Mastodon

Parler

Gab

Copy

JPMorgan Chase will update its Code of Conduct by late July to explicitly prohibit debanking based on religious or political affiliations, addressing politicization in financial services.
The policy change follows pressure from the Alliance Defending Freedom (ADF) and a shareholder proposal from Bowyer Research.
JPMorgan has faced criticism for debanking conservative and religious groups, raising doubts about the sincerity of its new policy.
A 2024 Congressional investigation exposed systemic misuse of the banking system to target conservatives, underscoring the need for reform.
While a step forward, skepticism remains due to JPMorgan's past actions, requiring continued advocacy to ensure lasting protections.

JPMorgan Chase, the largest bank in the U.S., has agreed to amend its Code of Conduct to explicitly prohibit debanking customers based on their religious or political affiliations. This policy change, set to take effect by late July, marks a pivotal moment in the ongoing battle against the politicization of financial services. However, the victory is not without its caveats. JPMorgan Chase's history of debanking conservative and religious groups raises questions about the sincerity and permanence of this shift. The policy revision comes after relentless pressure from the Alliance Defending Freedom (ADF), a conservative legal advocacy group, which has been at the forefront of challenging JPMorgan Chase's debanking practices. ADF's efforts, coupled with a shareholder proposal from Bowyer Research, forced the bank to the negotiating table. In exchange for the shareholder withdrawing its proposal, JPMorgan agreed to adopt language in its Code of Conduct that explicitly states it will "not tolerate discrimination" based on "religion, religious affiliation or religious views" or "political opinions, speech or affiliations." "This is a major victory for free speech and religious freedom in the marketplace," said Jeremy Tedesco, ADF senior counsel and senior vice president for corporate engagement. "No American should ever fear losing access to their bank account because of their religious or political views, and we are glad to see Chase taking tangible steps to implement these critical protections." The policy change is a stark departure from JPMorgan's recent track record. In 2021, the bank debanked conservative groups Defense of Liberty and Arkansas Family Council. A year later, it abruptly canceled the account of former U.S. Ambassador-at-Large for International Religious Freedom Sam Brownback's National Committee for Religious Freedom, offering no explanation. (Related: JPMorgan Chase closes business accounts of vaccine critic Dr. Joseph Mercola.) These actions, among others, have fueled accusations that JPMorgan and other major banks have been complicit in a broader trend of politicized debanking, often aligning with the priorities of the Biden administration.

A win for free speech or merely a PR stunt?

A Congressional investigation in December 2024 revealed alarming details about how the federal government has weaponized the banking system to surveil and target Americans with conservative viewpoints. The report, titled "Financial Surveillance in the United States: How the Federal Government Weaponized the Bank Secrecy Act to Spy on Americans," exposed how banks were instructed to flag transactions containing keywords like "Trump" and "MAGA" as potential indicators of "domestic terrorism." Even purchasing a Bible or exercising Second Amendment rights was enough to draw suspicion. This systemic overreach, facilitated by the Bank Secrecy Act, underscores the extent to which financial institutions have been co-opted as tools of political suppression. JPMorgan Chase CEO Jamie Dimon has consistently denied that the bank engages in debanking based on political or religious views. Yet, the bank's actions tell a different story. The recent policy change, while commendable, feels less like a genuine commitment to fairness and more like a calculated response to mounting legal and public pressure. As Tedesco noted, "[The bank's] good-faith negotiations and willingness to listen to its shareholders should encourage us all." However, the bank's history suggests that its newfound commitment to neutrality may be fleeting, especially if the political winds shift again. JPMorgan Chase, as the nation's largest bank, sets the standard for the financial industry. Its decision to adopt these protections could inspire other institutions to follow suit. Yet, the fight is far from over. Debanking remains a global phenomenon, with governments and financial institutions worldwide using access to banking services as a weapon against dissent. For now, JPMorgan Chase's policy change is a win for free speech and religious liberty. But as history has shown, vigilance is essential. Without continued pressure from advocacy groups like ADF and a watchful public, the gains made today could easily be undone tomorrow. The battle against debanking is not just about protecting bank accounts – it's about safeguarding the fundamental rights that define a free society. Visit Biased.news for more similar stories. Watch this Fox Business report about JPMorgan Chase ending its policy of debanking customers based on political or religious grounds. This video is from the TrendingNews channel on Brighteon.com.

CITIZENS NEWS

A win for free speech or merely a PR stunt?

More related stories: