16 states call on Wells Fargo to curb discriminatory de-banking practices

The following quote may be attributed to Alliance Defending Freedom Senior Counsel and Senior Vice President of Corporate Engagement Jeremy Tedesco regarding a multi-state letter, led by Montana Attorney General Austin Knudsen, which calls upon Wells Fargo to provide necessary transparency into policies that allow for discriminatory de-banking, as well as racial discrimination under the guise of so-called “diversity, equity, and inclusion” policies:

“Denying basic financial services to people based on their political or religious beliefs is un-American. Banks are using ‘reputational risk’ or similarly vague policies to deny service to discriminate against gun manufacturers, distributors, or sellers; fossil fuel producers; contractors for Immigration and Customs Enforcement Agency; and private prisons and related services. This abuse of vague terms of service now extends to discrimination based on a client’s political or religious views. Wells Fargo and other large, government-backed banks, including JPMorgan Chase and Bank of America, have closed the accounts of mainstream conservative and religious groups under the guise of ‘reputational risk’ policies or prohibitions on ‘hate’ or ‘intolerance.’ Banks should not discriminate against people because of their religious or political views. This is discrimination and creates a two-tiered society.”

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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