• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Blog Home
  • Topics
    • Keystone Press Releases
    • Politics and Government
    • Legislation
    • Nevada News
    • Tourism & Gaming
    • Rural Nevada
    • Business
    • Opinion
  • Membership
  • Contact Us
  • About Keystone Nevada

Keystone Nevada Korner

Welcome to The Keystone Korner The Official Blog of Keystone Nevada

Home » OPINION: Why I Am Standing Up to Politicized Debanking

OPINION: Why I Am Standing Up to Politicized Debanking

April 2, 2023 by Courtney Holland

By John Murante, Newsweek, March 31, 2023

When DirecTV, a subsidiary of AT&T, cut a conservative news channel from its lineup, for its censorship. Now, my colleagues and I are deeply concerned that the same censorious spirit has infected our financial system.

That’s exactly what we’re seeing at JPMorgan Chase. The nation’s largest bank, Chase serves more than 60 million American households, including many people and businesses in Nebraska, where I serve as state treasurer. But far too often, we’ve seen Chase betray the trust of its customers, shareholders, and fellow citizens by debanking clients in service of narrow ideological agendas.

That’s why, together with colleagues in 12 other states, I am to be accountable and transparent, and to treat all customers equally, regardless of their religious or political points of view.

Chase has a disturbing track record of debanking clients for biased or arbitrary reasons. Beyond its well-known vendettas against fossil fuel companies and firearm manufacturers, Chase is also conditioning its services on whether company employees agree with customers’ political or religious activities.

In the past two years, Chase has denied payments or canceled accounts associated with people and organizations—such as former ambassador Sam Brownback, the Arkansas Family Council, Defense of Liberty, and retired general Michael Flynn, Jr—for holding mainstream American views.

In fact, a former Chase executive described the bank’s practice of “red-dotting,” where Chase employees can flag customers for cancelation based on their perceived reputational or social risk.

As we conveyed to Mr. Dimon, practices like “red-dotting” destroy trust between financial institutions and the customers they serve.

The bank’s cancelation of the National Committee for Religious Freedom (NCRF), headed by former ambassador Brownback, is a chilling example of anti-religious bias. Without any warning or rationale, Chase suddenly closed NCRF’s account last year.

After repeated attempts to get the bank to explain its actions, Chase informed NCRF that it would only consider reinstating the account if the nonprofit first agreed to provide detailed information about its top donors and planned political activities.

Asked why it was pushing for these invasive disclosures, Chase changed its explanation multiple times. Chase initially claimed that it asked NCRF for the disclosures due to concerns about money laundering and funding of terrorist groups. When pressed on this outlandish rationale, the bank cited a completely different set of guidelines, claiming that Sam Brownback was a “Politically Exposed Person.” But the relevant guidelines specify that “Politically Exposed Persons” do not “include U.S. public officials.”

Chase’s politically charged decision-making was entirely predictable. The bank received a rating of just 15 percent on the 2022 Viewpoint Diversity Score Business Index, the first comprehensive benchmark designed to measure corporate respect for free speech and religious freedom. Among other red flags, the index identified at least one policy that allows Chase to mask political or religious discrimination against clients behind vague terms like “hate” or “intolerance.”

When powerful banks like Chase retain unbridled discretion to cancel accounts for arbitrary or biased reasons, it undermines the freedom of everyday Americans to participate in society and the marketplace without fear of discrimination based on their political or religious views.

Many states, including Nebraska, are invested in Chase and rely on it for financial services. As stewards of public dollars, we want to make sure Chase is focused on generating value for our pensions and state investments, not engaging in narrow political or social agendas that undermine trust in our financial system.

Chase needs to rebuild trust with its shareholders and clients, but that can’t happen without transparency. When it comes to a host of progressive priorities including climate change and DEI, Chase prides itself on being transparent. The company publicly celebrates its 100 percent score on the far-left Corporate Equality Index, yet it refuses to proactively implement measures to guard against politicized debanking.

That’s why my colleagues and I are demanding that Chase be accountable and transparent with the everyday Americans who rely on its services. Chase can take an important step to restore trust by completing the questionnaire it received in connection with the Viewpoint Diversity Score Business Index, and by implementing recommended best practices to prevent internal political and anti-religious bias.

Freedom of speech doesn’t stop at the teller’s window. It’s time for powerful banks like Chase to show and not merely tell when it comes to respecting the freedom of all Americans to bank without fear of religious or political discrimination.

John Murante is the Nebraska state treasurer.

The views expressed in this article are the writer’s own.

Filed Under: Opinion Tagged With: banking, canceled, debanking, JP Morgan Chase Bank, red-dotting

Primary Sidebar

Connect with Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
Bootleg Bistro
Bootleg Bistro Ad
SLLC_Keystone_Blog-Ad_300x500_10%-Off-Repairs_05.19.21
CIOServices Ad 300x500-100
BRH Keystone Ad JPEG
Willow_Manor
Keystone Corporation Nevada

News Topics

  • Keystone Press Releases
  • Politics and Government
  • Legislation
  • Nevada News
  • Tourism & Gaming
  • Rural Nevada
  • Business
  • Opinion

Rural Nevada

As Nevada farmers retire, few taking their place as number of farms continues to shrink

November 13, 2023 By Courtney Holland

By Amy Alonzo, The Nevada Independent, November 13th, 2023 For more than 50 years, Rick and B. Ann Lattin operated Lattin Farms in Fallon, a … [Read More...] about As Nevada farmers retire, few taking their place as number of farms continues to shrink

Winnemucca braces for massive lithium mine

September 18, 2023 By Courtney Holland

By Ray Hagar, Nevada Newsmakers, September 18, 2023 Winnemucca, a town of more than 8,600 residents off Interstate 80 in Northern Nevada, is proud … [Read More...] about Winnemucca braces for massive lithium mine

Weather may have slowed January sales

April 8, 2023 By Courtney Holland

By The Record Courier Staff, April 4, 2023 For the third month in a row, Douglas County merchants reported a decrease in taxable sales, though not … [Read More...] about Weather may have slowed January sales

30 new projects in Pahrump: Arby’s, Chipotle, Midas Muffler, 3 convenient stores & more

March 29, 2023 By Courtney Holland

By Robin Hebrock, Pahrump Valley Times, March 28, 2023 Business is booming in the Pahrump Valley, with dozens of new companies looking to bring … [Read More...] about 30 new projects in Pahrump: Arby’s, Chipotle, Midas Muffler, 3 convenient stores & more

Opinion

EDITORIAL: Absentee ballot fraud concerns lead to new election

November 27, 2023 By Keystone Admin

By the Las Vegas Review-Journal Editorial Board, November 24, 2023 Reality is catching up to those who downplay the possibility of absentee and … [Read More...] about EDITORIAL: Absentee ballot fraud concerns lead to new election

OPINION: Be thankful we’re a little different in Nevada

November 27, 2023 By Keystone Admin

By Michael Schaus, The Nevada Independent, November 26th, 2023 Nevada is a state that’s difficult to explain to outsiders.  For many, our … [Read More...] about OPINION: Be thankful we’re a little different in Nevada

EDITORIAL: Red states, blue states — a tale of migration

November 27, 2023 By Keystone Admin

Tax rates matter. By the Las Vegas Review-Journal Editorial Board, November 20, 2023 U.S. migration patterns speak volumes about progressive … [Read More...] about EDITORIAL: Red states, blue states — a tale of migration

Tags

Adam Laxalt Biden Administration Business Business Columns Casinos & Gaming Catherine Cortez Masto Clark County Clark County School District Department of Employment Training and Rehabilitation (DETR) economy Editorials Education Elon Musk Gov. Joe Lombardo Gov. Steve Sisolak Governor's Office of Economic Development (GOED) Housing inflation Joe Lombardo las vegas Local Local Las Vegas Local Nevada mc-business mc-local mc-news mc-opinion Nevada Nevada Legislature News North Las Vegas NPRI Opinion Opinion Columns PAID Politics and Government Roe v. Wade school choice Sen. Catherine Cortez Masto small businesses Sports Tesla tourism unemployment rate Victor Joecks

Footer

Copyright © 2023 · Keystone Corporation - All Rights Reserved · Log in
Privacy Policy
By accessing this site, you are agreeing to our Terms of Use

The views, opinions and conclusions expressed by the authors of any article or post on the Keystone Korner are those of the author and do not necessarily reflect the opinions of Keystone Corporation or its officers and board members. Moreover, any reference to a person, party, product or entity does not constitute an endorsement or recommendation by Keystone Corporation or its officers and board members.