In a significant move, JPMorgan Chase, the largest bank in the United States, has reversed a contentious policy that had previously resulted in the de-banking of several conservative individuals and nonprofit organizations.
The move has been lauded by the Alliance for Defending Freedom (ADF), a Christian law firm.
The policy in question was part of the bank's WePay service, which required merchants to abstain from accepting payments or using the service for activities related to "social risk issues." The bank defined these issues as anything "subject to allegation and impacts related to hate groups, systemic racism, sexual harassment and corporate culture." This language has now been expunged from the company's WePay terms of service, as discovered by the ADF earlier this month.
A spokesperson for JPMorgan Chase confirmed the change to Fox News Digital, stating, "We support clients around the globe and in every state in the U.S., across industries, religions, and political affiliations."
However, the ADF has accused Chase of using this policy to discriminate based on viewpoint. Jeremy Tedesco, ADF senior counsel, told Fox News Digital, "The policy itself is a risk to every single person who uses WePay and Chase, the biggest bank in America." He added, "There's millions of people where it's a threat to them being denied or losing payment processing."
Tedesco further stated that while it is significant that Chase eliminated the policy, the next step for the bank should be to include a statement in their customer policies affirming their commitment to non-discrimination based on religious or political views.
In recent years, Chase, along with other major banking chains, has been accused of removing people from their services without providing a clear explanation. In 2022, Chase closed the account of the National Committee for Religious Freedom (NCRF), a political nonprofit, without providing a reason. The same year, the bank also terminated the account of former U.S. Ambassador Sam Brownbacks National Committee for Religious Freedom without explanation.
"Americans shouldn't have to fear that they can lose access to their bank accounts or payment processing because of their religious and political beliefs," Tedesco said, commending Chase for taking this step.
In another incident in 2021, WePay denied ticket-payment processing services for a Republican event hosted by a nonprofit organization, Defense of Liberty. The event featured Donald Trump, Jr., and WePay initially denied services citing policies against providing services connected to "hate racial intolerance or items or activities that encourage, promote, facilitate, or instruct others regarding the same." However, JPMorgan Chase reversed the decision after Missouri State Treasurer Scott Fitzpatrick accused the bank of ideological discrimination.
In an effort to encourage private companies to uphold freedom of speech, the ADF has launched a Business Index that ranks companies based on their own policies. According to the ADF, over 90% of businesses on the index rely "on divisive concepts like Critical Race Theory in its employee training materials." The ADF's most updated index was launched this week.
This rollback by Chase comes on the heels of a warning issued last month to Bank of America by a group of 15 financial officers representing 13 states over its alleged practices of "politicized de-banking" targeting conservatives.
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