Tag Archives: Bank of America

Group of Republicans go after Bank of America for religious and political discrimination

BofA-turns-over-banking-records

Important Takeaways:

  • Bank of America accused of religious and political ‘discrimination’ by ‘de-banking’ or refusing to service Trump supporters, Christian churches and Republican-led states want answers
  • A dozen Republican-led states plan to send a letter to Bank of America demanding an explanation for why it allegedly de-banked Christian and other conservative groups.
  • The letter obtained first by DailyMail.com, led by Kansas Attorney General Kris Kobach, demands that the financial institution turn over documents related to its account cancellation policies and requested that the bank update its terms of services to not discriminate against clients with certain political or religious beliefs.
  • The notice comes after it was revealed that Bank of America sent the FBI and U.S. Treasury private consumer financial data to help the agencies investigate crimes related to the January 6 Capitol protest.
  • ‘Unfortunately, Bank of America appears to be conditioning access to its services on customers having the bank’s preferred religious or political views,’ Kobach writes in the letter to Bank of America CEO Brian Moynihan obtained by DailyMail.com.
  • ‘Your discriminatory behavior is a serious threat to free speech and religious freedom, is potentially illegal, and is causing political and regulatory backlash.’
  • The committee’s probes remain ongoing.
  • Currently, the Bank of America is the second-largest bank in the U.S., handling over $3 trillion.

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Banking direct deposit delays at Bank of America, Wells Fargo

Question-Marks

Important Takeaways:

  • Customers at Bank of America, Wells Fargo and other banks grappling with deposit delays
  • Customers at major U.S. banks including Bank of America and Wells Fargo complained about delays with their direct deposits on Monday, following a glitch with processing payments that began Friday.
  • The Federal Reserve on Friday said the problem wasn’t related to a cybersecurity issue and that it had been resolved. But customers on Monday continued to report delays with direct deposits, reaching out to their banks on social media to report that their paychecks hadn’t landed in their accounts as expected.
  • Wells Fargo and Bank of America referred questions to The Clearing House, a payments company that operates the only private-sector automated clearing house (ACH) system in the U.S.

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Bank of America shuts down another Ministry bank account with no real explanation

Important Takeaways:

  • ‘Debanking’ row breaks out after Bank of America shuts down account for ultra-conservative Christian charity that serves impoverished Ugandans
  • Memphis-based non-profit Indigenous Advance Ministries has filed a complaint to the Tennessee Attorney-General’s office over concerns its accounts were closed because the bank disagrees with its ‘religious views.’
  • The organization – which claims to have had a banking relationship with BofA since 2015 – purports pro-life and anti-same sex relationship values on its website.
  • BofA firmly denies it ‘debanked’ the body over these views, telling DailyMail.com that ‘religious beliefs are not a factor in any account-closing decision.’
  • But campaigners are calling for greater transparency over how firms decide which accounts to shut down, adding cases of ‘political and religious ‘debanking’ appear to be on the rise.’
  • On April 24 this year, it was sent a letter by the bank advising that its accounts were being shut down within 30 days.
  • Associated accounts belonging to partner entity Indigenous Advance Customer Center and a church operating at the same address – Servants of Christ Community dba University House of Prayer – were also closed.
  • The correspondence from BofA stated: ‘Upon review of your accounts, we have determined you’re operating in a business type we have chosen not to service at Bank of America.’
  • Representatives for Indigenous said they ‘repeatedly’ asked for an explanation about the closure.
  • On May 24, the organization was sent a follow-up letter that stated its ‘risk profile no longer aligns with the bank’s risk tolerance.’
  • At the time, Indigenous said it had $270,000 in its deposit account.
  • The charity works with Ugandan ministries to provide support for orphaned and vulnerable children and prisoners in the African country.

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FBI Whistleblowers testify that Bank of America voluntarily gave list of customers who bought fire arms to FBI around the time of Jan 6

Ecclesiastes 5:8 If you see the extortion[a] of the poor, or the perversion[b] of justice and fairness in the government, [c] do not be astonished by the matter. For the high official is watched by a higher official, [d] and there are higher ones over them! [e]

Important Takeaways:

  • House GOP investigating Bank of America for ‘voluntarily’ giving FBI list of customers related to Jan 6
  • The investigation comes after an FBI whistleblower testified to the committees that Bank of America, “with no directive from the FBI, data-mined its customer base” by compiling customers who used a Bank of America debit or credit card between Jan. 5 and Jan. 7, 2021.
  • Jordan and Massie explained to Moynihan that the FBI whistleblower told the committees that provided the FBI “voluntarily and without any legal process” with a list of those customers.
  • The committee was also told, separately, that people who had previously purchased a firearm with a Bank of America product were “elevated to the top of the list regardless of when or where the purchase was made.”
  • Retired FBI Supervisory Intelligence Analyst George Hill was one FBI whistleblower shared the information. He said Bank of America “compiled that list. And then, on top of that list, they put anyone who had purchased a firearm during any date.”
  • Hill’s testimony was corroborated by the testimony of his former FBI supervisor, Special Agent-in-Charge of the Boston Field Office Joseph Bonavolonta. He testified that he learned of Bank of America’s move through another special agent-in-charge of counterterrorism in Boston.
  • The FBI declined to comment.
  • Bank of America told Fox News it “follows all applicable laws and regulatory requirements to receive, evaluate, process, safeguard, and narrowly respond to law enforcement requests.”

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Bank of America clients continue to pull money from US securities

Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • Bank of America clients withdraw $2.3B from US securities
  • Bank of America clients sold around $2.3 billion in U.S. equities last week, according to a note from bank strategist Jill Carey Hall on Tuesday
  • Although the note failed to highlight reasons for the withdrawal, data compiled by Bank of America showed clients sold both single stocks and ETFs for the second consecutive week, while selling was broad-based across client groups including institutional, hedge funds, retail, and size segments.

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Bank of America, Wells Fargo, Citigroup and others will bail out First Republic Bank

New York Stock Exchange

Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore

Important Takeaways:

  • Wall Street rides to the rescue as 11 banks pledge $30 billion to First Republic Bank
  • A group of financial institutions has agreed to deposit $30 billion in First Republic Bank in what’s meant to be a sign of confidence in the banking system, the banks announced Thursday afternoon.
  • Bank of America, Wells Fargo, Citigroup and JPMorgan Chase will contribute about $5 billion apiece, while Goldman Sachs and Morgan Stanley will deposit around $2.5 billion, the banks said in a news release. Truist, PNC, U.S. Bancorp, State Street and Bank of New York Mellon will deposit about $1 billion each.
  • The deposits would be obligated to stay at First Republic for at least 120 days, sources told CNBC’s David Faber.
  • First Republic’s stock, which closed at $115 per share on March 8, traded below $20 at one point Thursday.
  • First Republic typically caters to high-end clients and firms, and its business includes wealth management and residential real estate loans. The company reported more than $212 billion assets at the end of December and generated more than $1.6 billion in net income last year.

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First JP Morgan cancelled Sam Brownback; now Bank of America freezes Lance Wallnau’s account

Matthew 5:10 “Blessed are those who are persecuted for righteousness’ sake, for theirs is the kingdom of heaven.

Important Takeaways:

  • Bank of America Freezes Ministry Account of Lance Wallnau in Latest Case of Banks Canceling Christians
  • In an Instagram post on Friday, Wallnau wrote: “You won’t believe what just happened to me! My own bank account got frozen by Bank of America (BofA) for no reason other than being a conservative podcaster. They were investigating conservative bloggers and Christian ministries for ‘money laundering’ while ignoring the real threats in America.”
  • He said what he went through was “outrageous and illegal,” and now he’s aiming to “expose the corruption in our banking system.”
  • “This is the kind of dumbness that worries me,” Wallnau said. “I got my accounts frozen. I had to go through a complete marketing audit explaining every dollar of our ministry’s budget.”
  • “Get this, it’s not even legal,” he explained. “I did it just because I felt like freeing up the money and documenting how screwed up the Bank of America is.”
  • “Don’t think that this is going to go quietly away,” Wallnau warned. “We’re actually going to have a political, populous, conservative, and Christian unified pushback on the destruction of our liberties and freedoms.”
  • Sources at Bank of America tell CBN News they are looking into Wallnau’s alleged claims about his account.

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Bank of America CEO says hope is no strategy, best to be prepared for US debt default

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • The CEO of America’s second-largest bank is preparing for possible US debt default
  • Congress is once again bickering about raising the debt ceiling, the amount of money the US government can borrow to pay its bills on time. And that means that Corporate America has to be ready for the worst.
  • The CEO of Bank of America (BAC), America’s second-largest bank, told CNN he hopes lawmakers resolve their issues, because the market and economy love stability. Yet defaulting on the country’s debt remains a possibility that cannot be ignored.
  • “We have to be prepared for that, not only in this country but in other countries around the world,” Bank of America CEO Brian Moynihan told Poppy Harlow on “CNN This Morning” Monday. “You hope it doesn’t happen, but hope is not a strategy — so you prepare for it.”

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How do you define an Economic Crash? $46 Trillion wiped out stocks and bonds. Bank experts don’t expect bleeding to stop

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • A $46 trillion wipeout in stocks and bonds won’t stop until central banks around the world launch a coordinated pivot, Bank of America says
  • It’s been a tough year for investors, with global stock and bond markets erasing $46.1 trillion in market value since November 2021, according to Bank of America.
  • The massive drawdown has led to forced liquidations on Wall Street, the bank’s chief investment strategist Michael Hartnett said in a Friday note, highlighting the recent break below 2018 support in the NYSE Composite Index.

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U.S. asset manager State Street to press gunmakers on safety efforts

FILE PHOTO: Rifles are seen at the Sturm, Ruger & Co., Inc. gun factory in Newport, New Hampshire January 6, 2012. REUTERS/Eric Thayer/File Photo

By Ross Kerber

BOSTON (Reuters) – U.S. asset manager State Street Corp said it plans to seek details from gunmakers on how they will support the “safe and responsible use of their products,” adding to pressure on the industry after the Feb. 14 shooting that killed 17 people at a Florida high school.

Other firms including Bank of America Corp are also reviewing relations with the weapons industry, as social media and shareholder activism open new fronts in a long-running U.S. debate over firearms.

As a large shareholder in weapons makers such as American Outdoor Brands Corp and Sturm Ruger & Co Inc Boston-based State Street wields extra clout including the ability to vote against directors and to back shareholder resolutions on gun safety pending at each company.

“We will be engaging with weapons manufacturers and distributors to seek greater transparency from them on the ways that they will support the safe and responsible use of their products,” State Street spokesman Andrew Hopkins said in an emailed statement.

The statement also said State Street will monitor the companies’ lobbying activities.

State Street is joining larger rival BlackRock Inc in putting weapons executives on the spot. On Feb. 22 BlackRock, the world’s largest asset manager, said it will speak with gunmakers and distributors “to understand their response” to the Florida shooting.

Representatives for American Outdoor and Sturm Ruger did not respond to questions over the weekend, after Hopkins sent the statement on Friday evening.

State Street, with $2.8 trillion under management at Dec. 31, owns about 2 percent of the shares of both American Outdoor and Sturm Ruger, according to filings.

Bank of America said on Saturday it would ask clients who make assault rifles how they can help end mass shootings. Other financial firms have cut marketing ties with the National Rifle Association (NRA) recently, including the First National Bank of Omaha, which will not renew a contract to issue an NRA-branded Visa card.

The fund manager statements were striking given that many major investors try to steer clear of political debates to avoid alienating customers. But asset managers lately have supported more social and environmental measures as sought by their clients.

Both American Outdoor and Sturm Ruger face shareholder resolutions filed by religious investors calling for them to report on their gun safety efforts, aimed for their shareholder meetings later this year.

Patrick McGurn, special counsel for proxy adviser Institutional Shareholder Services, said directors on the boards of both should expect tough questions from shareholders.

“Guns join opioids, cyber hacks, sexual harassment, human rights and climate change as top-of-mind risks that shareholders will want to discuss with boards during engagements and at annual meetings,” McGurn said via e-mail.

Not all top fund firms are taking a public stance on the weapons debate.

Vanguard Group Inc said in a statement e-mailed by a spokesman on Friday that while it discusses with companies whose shares it owns “the impact of their business on society,” the Pennsylvania fund manager also “believes we can be more effective in advocating for change by not publicly discussing the nature of engagements with specific companies by name.”

A spokesman for Fidelity Investments said via e-mail on Sunday that the firm generally does not comment on individual companies or how it plans to vote on proxy resolutions.

“We do our best to see that our investment decisions are in line with our fiduciary obligation to ensure that every Fidelity fund is managed based on the investment objective described in its prospectus,” she said.

(Reporting by Ross Kerber; Editing by Susan Thomas)