JPMorgan Chase denies debanking religious groups; nonprofit head responds.

Chase Bank Cuts Ties with Nonprofit Over Donor List

Backlash Against Chase Bank

Chase Bank, the consumer and commercial subsidiary of JPMorgan Chase, has faced criticism for abruptly ending its relationship with the National Committee for Religious Freedom, a nonpartisan, faith-based nonprofit organization dedicated to defending the right of everyone in America to live one’s faith freely. The bank account belonging to the entity was nixed just three weeks after starting a relationship with Chase, which asked the nonprofit to provide a list of their major donors and their criteria for deciding which candidates they would support.

Resolution Filed for Shareholder Meeting

David Bahnsen, the founder and chief investment officer of The Bahnsen Group, filed a resolution to be presented at the JPMorgan Chase annual shareholder meeting, demanding that the firm publish an evaluation of how executives oversee risks related to discrimination against clients for their religious and political views. Board directors for JPMorgan Chase recommended that shareholders vote against the measure, claiming the proposal is “based on allegations that are not true.”

Sam Brownback Speaks Out

Sam Brownback, the chair of the National Committee for Religious Freedom, detailed how JPMorgan Chase suddenly cut ties with the nonprofit last year, an experience which occurred despite the financial services behemoth denying ahead of its upcoming shareholder meeting that they have debanked conservative and religious customers. Brownback, who formerly served as a senator and governor for the state of Kansas, as well as the United States ambassador-at-large for international religious freedom, said in a submission to the Securities and Exchange Commission that his experience “says otherwise.”

Chase’s Response

Five months after Brownback wrote an opinion piece about his experience, Chase sent another letter claiming they had to ask the questions about donors and candidate support criteria in order to “comply with federal banking guidelines to prevent money laundering and terrorism.” However, Brownback remarked that “even if the guidelines did apply, regulators do not require banks to do this screening at all.”

Rebuilding Trust

Jeremy Tedesco, senior vice president of corporate engagement at the Alliance Defending Freedom, said in a statement provided to The Daily Wire that Chase “needs to rebuild trust with its shareholders and clients” and “assure its shareholders and customers that it respects everyone’s freedom to participate in the marketplace.”

Similar Experiences

Other conservative and religious entities have had similar experiences with Chase: several Republican state attorneys general noted in a letter last week that one credit card processor owned by Chase likewise terminated an account belonging to Family Council, a conservative organization that works to strengthen traditional family values, while another firm controlled by Chase refused to serve the political action committee Defense of Liberty.