WASHINGTON – JPMorgan Chase has agreed to adopt language that will protect against future instances of political and religious debanking in its Code of Conduct. The changes mark a crucial step forward at the nation’s largest bank, which has come under heightened scrutiny for several instances of apparent viewpoint-based cancelations in recent years.
The policy changes, which Chase has agreed to adopt and post publicly by late July, protect against religious and political discrimination for customers, suppliers, contractors, and employees. In particular, the changes specify that the company 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 ADF Senior Counsel and Senior Vice President for Corporate Engagement Jeremy Tedesco. “As the nation’s largest bank, Chase sets the platinum standard for financial institutions throughout the country and the world. 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. We expect Chase’s new policy to set the standard for the rest of the financial industry.”
Though Chase leaders including CEO Jamie Dimon have maintained that the bank has never canceled accounts or punished account-holders for their political or religious views, the bank has amassed a troubling track record on debanking. In 2022, Chase canceled the account of former U.S. Ambassador Sam Brownback’s National Committee for Religious Freedom without explanation. The cancelation and Chase’s two denials of payment processing services to conservative groups Defense of Liberty and Arkansas Family Council in 2021 are part of a rising trend of apparent politicized de-banking by Chase and other major banks like Bank of America.
In 2023, 19 state attorneys general and 14 state financial officers sent letters calling on Chase to provide transparency on the cancelations, while financial advisor David Bahnsen filed an ADF-backed shareholder resolution urging Chase to do the same. By the end of 2023, the bank dropped its payment processor WePay’s “social risk” policy that included subjective terms like “hate” and “intolerance” and allowed bank employees to cancel or punish customers based on their viewpoints.
Since then, ADF attorneys have actively engaged with Chase representatives to explore additional ways the bank can improve its respect for free speech and religious freedom. In these meetings, ADF attorneys have consistently pushed for Chase to implement protections for the political and religious viewpoints of both employees and customers. Recently, during negotiations over a shareholder proposal introduced this year by Bowyer Research, Chase accepted the proposed changes. In return, the shareholder agreed to withdraw its proposal before the company’s annual meeting of stockholders in May.
“Chase’s good-faith negotiations and willingness to listen to its shareholders should encourage us all,” Tedesco said. “For too long, Americans with mainstream political and religious views have sat on the sidelines while those who oppose individual liberties and free markets have co-opted American businesses to punish their political opponents. Americans are tired of this politicization of business, and so are many of the companies themselves. We are having conversations and driving lasting change at some of the biggest and best-known brands in the world, and we’re delighted to see Chase lead the way.”
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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