Conservative Group Issues "Woke Alert" on JPMorganChase Amidst Debanking Concerns

A conservative advocacy group issued a "woke alert" targeting JPMorganChase, a bank that former President Donald Trump has accused of attempting to "debank" him. This alert was released in conjunction with Trump's signing of an executive order aimed at preventing financial institutions from denying services based on political or religious beliefs. The practice of "debanking," where banks refuse to serve certain clients due to ideological differences, has become a growing concern.

JPMorganChase has consistently maintained that it does not deny financial services based on political or religious affiliations. Trump's comment about the bank's alleged actions was made during a CNBC interview. Will Hild, the executive director of Consumers' Research, stated that major banks like JPMorganChase are signaling that conservative views pose a threat to their "reputation," which, according to Hild, is more aligned with the opinions of liberal elites than the concerns of everyday Americans.

While banks often cite "reputation risk" rather than political motivations for debanking decisions, Consumers' Research argues that conservatives are disproportionately targeted. Hild further stated that the weaponization of the financial system against conservatives is dangerous and that Trump is correct in taking action to address this issue. He emphasized that debanking individuals and organizations based on their beliefs is un-American.

JPMorganChase did not immediately respond to inquiries. However, a statement from bank spokesperson Trish Wexler, published in other news outlets, indicated the bank's support for Trump's new order. Wexler stated that the bank does not close accounts for political reasons and looks forward to working with the White House on the issue.

In February 2023, a JPMorganChase spokesperson stated that the bank has never and would never close an account due to political or religious affiliation. However, in 2022, the bank canceled the account of the National Committee for Religious Freedom, claiming the action was unrelated to religious or political views. Additionally, Senator Ted Cruz has stated that JPMorganChase pressured Intuit to stop gun sellers from using the company's payment processing services, a claim the bank disputes. Intuit later removed its prohibition on payroll and payment processing for gun manufacturers and firearm sellers.