JPMorgan’s Shocking Actions: Frozen Bank Accounts and Discrimination Against Clients Unveiled
Republican attorneys general from 19 states have accused JPMorgan of engaging in persistent discrimination against its own clients and closing bank accounts without prior notice.
They contend that the practices of the banking giant contradict the company’s own policies on equality. Led by Kentucky Attorney General Daniel Cameron, the law enforcement officials have expressed their concerns in a letter addressed to JPMorgan CEO Jamie Dimon.
The Wall Street Journal has now published the letter, highlighting instances of alleged discrimination by JPMorgan based on customers’ religious or political affiliations.
The attorneys general find this type of discrimination unacceptable and urge JPMorgan, referred to as Chase in the letter, to cease such behavior and align its business practices with the anti-discrimination policies it proclaims.
One specific incident mentioned in the letter involves Chase’s sudden closure of the National Committee for Religious Freedom’s (NCRF) checking account in May 2022.
NCRF is a nonpartisan, faith-based nonprofit organization dedicated to protecting religious freedom in America, with members from various religious backgrounds, such as Christianity, Hinduism, Judaism, and Islam.
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When NCRF sought to explain the account closure, Chase employees informed them that the decision had originated from the corporate office. The executive director of NCRF was further informed that no additional information could be provided to them.
While acknowledging that banks generally have the right to conduct business as they see fit, the attorneys general emphasize that Chase cannot claim to be inclusive, publicly denounce discrimination, and promise to prevent discrimination against customers while failing to commit to basic principles of equality and fair treatment.
The attorneys general assert that Chase has also rejected proposals demonstrating its commitment to openness and inclusivity. Consequently, they request the bank publicly disclose its internal policies regarding account closures.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
