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BofA plans to engage with White House, Congress on debanking - spokesperson

BofA plans to engage with White House, Congress on debanking - spokesperson


Published on 2025-01-24 19:40:50 - Reuters
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  • Bank of America will be engaging with President Donald Trump's administration and Congress on regulations that the bank said can lead to it exiting banking relationships with a customer, a spokesperson said on Friday.

Bank of America (BofA) plans to engage with the White House and Congress to address concerns over "debanking," a practice where banks close accounts due to perceived risks or reputational issues, often without clear explanation. This decision comes in light of recent scrutiny and discussions around the practice, which has been criticized for potentially stifling free speech or unfairly targeting certain groups. BofA's spokesperson emphasized the bank's commitment to transparency and due process in its account management practices, aiming to clarify its policies and ensure they align with legal and ethical standards. The engagement is part of a broader dialogue involving financial institutions, regulators, and lawmakers to balance risk management with customer rights and protections.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/bofa-plans-engage-with-white-house-congress-debanking-spokesperson-2025-01-24/ ]
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