Big Banks Accused of 'Debanking' Based on Politics
The Treasury Department says the nation’s biggest banks have been playing favorites with who they let hold a checking account.
So, the Treasury Department just dropped a report that’s basically a massive 'I told you so' for anyone who’s been complaining about being 'debanked.' It turns out, all nine of the biggest banks in the United States—we’re talking names like JPMorgan Chase, Bank of America, and Wells Fargo—have been factoring in people's political or religious views when deciding whether to keep them as customers.
It’s not just about politics, either. The report lists industries like crypto, firearms, and even tobacco as targets. The Office of the Comptroller of the Currency didn’t dish out any fines yet, but they’re clearly looking at new rules to stop these banks from picking winners and losers based on their values. Basically, the government is saying these banks are using their market power to shut out people they don't agree with.
It’s wild that in a country built on commerce, you might need a political purity test just to keep your credit card active.
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