A group of state financial officers is writing to JPMorgan Chase CEO Jamie Dimon to call for transparency and an end to political or religious bias in decisions to de-bank clients.
More than a dozen state financial officers are writing toto call on the bank to root out any internal political or anti-religious bias that may result in adverse decisions against clients of the nation’s largest bank.
A group of state financial officers are pressing JPMorgan Chase for transparency over what they view as politically-motivated decisions to de-bank conservative groups.in its policy and operational decisions and cites an incident in which Chase closed the account of the National Committee for Religious Freedom without explanation.
The state financial officers wrote, "While Chase maintains that such decisions are not driven by any underlying political motives, its questionable pattern of de-banking coupled with its lack of transparency is cause for concern." They noted that former Chase senior executive Cleo McDougald said that the bank uses a practice called "red dotting" in which a "red flag is placed on internal records … different divisions in the bank not to do any business with .
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