An attorney with the Alliance Defending Freedom testified before Congress Thursday alleging some of the country's largest and most powerful financial institutions are de-banking conservatives because of their religious and political views.
ADF Senior Counsel Jeremy Tedesco told the House Select Subcommittee on the Weaponization of the Federal Government that some banks have worked with law enforcement to profile some Americans as potential "domestic terror threats if they buy religious texts or firearms or support Donald Trump."
"They maintain reputational risk policies that allow them unfettered discretion to punish customers who have, in the institution's view, problematic views. Many also have prohibitions on 'hate' speech and 'intolerance' that require subjective and value-based judgments on a customer's viewpoint," said the attorney with the non-profit legal group.
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"No American should be denied access to basic financial services such as a bank account, debit or credit card, or payment processing because of their religious or political views. Unfortunately, many Americans have good reason to fear that these essential financial services could be abruptly canceled based on the exercise of their First Amendment freedoms," Tedesco added.
According to the Daily Signal, The Treasury Department's Financial Crimes Enforcement Network (FinCEN) sent an email to leadership at major banks, highlighting a report from the Institute for Strategic Dialogue and Global Disinformation Index titled "Bankrolling Bigotry: An Overview of the Online Funding Strategies of American Hate Groups."
The list "draws a false equivalency between certain conservative civil society groups and the American Nazi Party and the Knights of the Ku Klux Klan, suggesting FinCEN views them equally," said the House Select Subcommittee on the Weaponization of the Federal Government.
Tedesco explained how Bank of America canceled the accounts of religious organizations including Indigenous Advance Ministries and a Memphis church, Servants of Christ.
He testified that Bank of America only told the organizations that "upon review of your account(s), we have determined you're operating in a business type we have chosen not to service at Bank of America."
After ADF pressed the bank for answers, the company said without explanation that Indigenous Advance Ministries "no longer aligns with the bank's risk tolerance."
As CBN News also reported, Sam Brownback, a former U.S. ambassador for religious freedom, contends Chase Bank abruptly closed an account associated with his nonpartisan, faith-based nonprofit organization with little explanation.
Brownback is the chairman of The National Committee for Religious Freedom (NCRF) and said in 2022 the bank decided to "end their relationship" with the group and close the account after only three weeks.
"When our executive director called to see if this was an error, he was informed that 'a note in the file read that Chase employees were not permitted to provide any further clarifying information to the customer,"'' he explained.
"Why the cancellation? Why the secrecy and lack of transparency? Why was Chase hiding its reasons and intentions for closing the account of a client that seeks to serve the public good and defend religious freedom for every person in America," Brownback questioned.
The bank later stated the group had not provided the requested documentation in a 60-day timeframe, but Brownback notes the account was only open for 20 days before it was closed.
Tedesco also pointed out that donations given to ADF through Fidelity Charitable were either hindered or denied "unless they surrendered their anonymity."
He urged Congress to pass the Fair Access to Banking Act, which would place restrictions on banks, credit unions, and payment card networks that refuse to do business with certain organizations or individuals.
"Many conservative and religious citizens and organizations are one disgruntled activist, employee, or regulator away from losing their bank account or payment processing," Tedesco told the subcommittee.
"We cannot live in a free country if access to the marketplace depends on our political or religious views," he said.
On the state level, the Tennessee Legislature is considering H.B. 2100 and S.B. 2148 which would prohibit banks and financial institutions from denying or canceling their services to a person based on the person's political opinions, speech, or religious affiliations, National Review reports.
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