The two financial institutions have been accused by President Donald Trump and others of shutting down accounts of conservative customers based on political grounds. Bank of America and JP Morgan underlined the need for clearer and more concise guidance from the government on how to supervise money laundering and offer services across a range of sectors and industries.
The announcement comes after Trump singled out JP Morgan Chase and Bank of America, mentioning their failure to offer banking services to conservatives. Trump’s accusations reiterated persisting ‘debanking’ complaints from Republicans, who have complained that financial institutions of refusing to provide services to specific individuals and companies associated with the political right. However, both JP Morgan and BofA contested these accusations, stating that they did not make banking decisions based on political views.
Commenting on the claims, a spokesperson from BofA mentioned that the issue represents a serious concern for the financial institution, with the bank planning to engage with the administration and Congress regarding the extensive government regulations that result in demands to exit relationships. At the same time, representatives underlined that the bank currently provides its solutions to over 70 million clients and welcomes conservatives, with BofA not implementing a political litmus test.
Furthermore, a source familiar with the matter cited by Reuters stated that JP Morgan plans to also lobby for clearer regulation about evaluating customers. The initiative is set to see participation from bank lobby groups, with them pushing the government to clarify AML laws, create a federal standard on fair access to financial services, and simplify bank supervisory practices on who can be banked.
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