Tipping Point Quick Hits (5.25.23)

"Debanking" worries, revolution in Russia, and Iran's underground nuke site

Are Banks Cancelling Religious Accounts?

Last year, JPMorgan Chase allegedly “debanked” the nonprofit National Committee for Religious Freedom (NCRF) because of its religious and political views. In response, a new resolution was presented to shareholders last week demanding that the bank “respect civil rights by identifying potential factors that may contribute to discrimination in the provision of services based on race, color, religion, sex, national origin, or social, political, or religious views.”

The resolution was presented by David L. Bahnsen, the founder and managing partner of an asset management group. Bahnsen is a Christian and signed a Statement on Debanking and Free Speech, along with many others, which says the bank closed the account of the NCRF because of its political views.

“In a particularly egregious display of viewpoint discrimination, JP Morgan Chase refused to process payments for a GOP-aligned organization,” the statement says. “More recently, it shuttered the National Committee for Religious Freedom’s account without explanation, demanding that the nonprofit disclose its donors and provide a list of the political candidates it intends to support as a condition of resuming service.”