Bank of America and JPMorgan Chase plan to lobby the White House and Congress to address accusations from President Donald Trump and others claiming they closed accounts of conservative customers for political reasons. Both banks have denied these claims, stating they do not base banking decisions on politics.
A Bank of America spokesperson emphasized the bank’s commitment to serving over 70 million clients, including conservatives, and reiterated that accounts are not closed for political reasons. Similarly, JPMorgan plans to advocate for clearer regulations on customer assessment practices to avoid such disputes.
The push includes calls for streamlined anti-money laundering (AML) rules and a unified federal standard for fair access to financial services. Banks argue that unclear regulations and varying state laws complicate compliance, sometimes leading them to end relationships with certain clients to avoid supervisory penalties.
The U.S. overhauled AML laws in 2020, but banks claim they are still waiting for clarity on the new rules. Financial institutions are also barred from disclosing the reasons for account closures, fueling accusations of bias.
JPMorgan CEO Jamie Dimon highlighted the long-standing challenges, stating, "We’ve been complaining about this for years. There should be far cleaner lines about what we have to do and don’t have to do."
The banking sector hopes for regulatory reforms under the current administration to ensure consistency and eliminate uncertainty, enabling better compliance and service delivery without political controversy.