WASHINGTON – In a letter sent Monday to Bank of America CEO Brian Moynihan, 15 state attorneys general, led by Kansas Attorney General Kris Kobach, called on the head of the megabank to address and curb its disturbing pattern of discrimination and politicized de-banking. The letter also calls upon Bank of America to participate in the survey portion of Alliance Defending Freedom’s Viewpoint Diversity Score Business Index.
In 2023, Bank of America relied on a vague “risk tolerance” policy to close without explanation the account of ADF’s client Indigenous Advance, a Tennessee-based Christian charity, along with accounts belonging to an associated LLC and a supporting church. Bank of America has de-banked others in recent years for similarly vague reasons.
And just last month, the U.S. House Subcommittee on the Weaponization of the Federal Government singled out Bank of America for voluntarily handing over confidential customer information to government agencies without a warrant and without notifying its customers. Government agencies had flagged ADF and other mainstream religious and conservative organizations as “domestic terrorist” threats, urging major banks to disclose private transactions involving keywords like “Cabela’s,” “Dick’s Sporting Goods,” and “religious texts.”
“We commend Attorney General Kobach and his colleagues for taking bold, appropriate action to put customers first and hold Bank of America accountable on these crucial issues,” said ADF Senior Counsel and Senior Vice President of Corporate Engagement Jeremy Tedesco. “Unfortunately, megabanks like Bank of America have shown a disturbing pattern of de-banking people for their religious or political views. Bank of America needs to rebuild trust with its shareholders and customers. The American public deserves to know basic information about its policies and practices to ensure everyone receives equal treatment regardless of their political or religious views.”
Delivered a week prior to Bank of America’s annual shareholder meeting on April 24, the states’ letter calls attention to a proposal calling for a report on the risks of politicized de-banking. Both the letter and the shareholder proposal highlight Bank of America’s uniquely troubling track record of de-banking customers for their religious or political views. The letter warns these actions expose the bank to “numerous legal and regulatory risks.”
According to ADF’s 2023 Viewpoint Diversity Score Business Index, which measures corporate respect for free speech and religious liberty, nearly half of the largest finance companies use problematic terms of service. Most alarmingly, seven of the nation’s 10 largest commercial banks—including the top three—maintain problematic “reputational risk” or “hate speech” policies.
In 2023, Bank of America scored just 8% out of a possible 100% on the Index—tied for the lowest score among all 28 commercial banks evaluated. That low score reflects a startling lack of respect for the First Amendment freedoms of customers, employees, and the general public.
Find out more about Viewpoint Diversity Score and the Business Index at www.ViewpointDiversityScore.org.
Alliance Defending Freedom is an alliance-building, non-profit legal organization committed to protecting religious freedom, free speech, parental rights, and the sanctity of life.
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