JPMorgan & Alleged 'Debanking' of Religious Group Sparks Controversy

JPMorgan Chase faces allegations of closing an account linked to the National Committee for Religious Freedom, chaired by former Kansas Governor Sam Brownback, due to the organization's religious affiliation. Brownback alleges the bank's decision is part of a broader practice of discrimination against conservative and religious groups.

According to a letter seen by Reuters, Chase managing director Larry Thode denied the allegations, stating that account closure was not due to any religious or political affiliation but was instead related to regulatory compliance issues. Thode indicated that the bank did not receive necessary information from Brownback's staff in a timely manner.

This controversy arises amidst claims by former President Donald Trump that major banks discriminate against conservatives. Trump plans to address these practices, known as 'debanking,' through an upcoming executive order. The broader implications of these allegations may affect how banks handle accounts related to political and religious entities.

(With inputs from agencies.)