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Louisiana Treasurer pushes back against Bank of America (2024)
| Environmental, social, and corporate governance |
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Louisiana Treasurer John C. Fleming (R) recently recommended against approving Bank of America as a fiscal agent in the state. Fleming alleged the bank denied financial services to religious organizations and other customers and potential customers based on politics. Bank of America responded, denying the allegations. According to Biz New Orleans:
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'As Treasurer, I have recommended that Bank of America not be approved as an authorized fiscal agent in the State of Louisiana per LRS 49:317 and 320. This decision was not entered into lightly but was made because there is evidence that Bank of America is deliberately denying banking services to customers and potential customers (de-banking) of religious organizations, gun manufacturers, fossil fuel producers and [others based] simply on their political perspectives and activities, not because of any bank policy or law violations,' he said via an emailed statement. Dr. Fleming’s sentiment highlights that Bank of America has been accused of selectively denying banking services to customers and potential clients based on their affiliations with religious organizations, gun manufacturers, fossil fuel producers and other entities deemed controversial due to their political or social stances. These actions, according to Fleming, are not justified by any specific bank policies or legal violations but are instead driven by ideological biases. … Representatives from Bank of America disagree with Fleming’s assessment of their lending practices. 'The representations about us are factually incorrect,' Bank of America spokesman, Bill Halldin told Biz New Orleans. 'Religious views are not a factor in any account closing decision. In fact, Bank of America provides services to about 120,000 non-profits associated with religious organizations around the country. These incorrect allegations were raised to us by a number of state officials earlier this year and we provided a detailed response on May 15 to those officials, including Treasurer Fleming,' he said.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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