Bank of America is facing scrutiny over allegations of 'de-banking' customers based on their political and religious affiliations. Steven Happ, Founder and President of Indigenous Advance Ministries, claims that the bank closed his ministry's accounts without a clear explanation, suggesting discrimination. The ministry, which has been a client since 2015, was informed by the bank that it was operating in a business type they have chosen not to service. Similar incidents have occurred with other religious groups and individuals, prompting 15 state attorneys general and financial officers to express concern over the bank's practices. These actions have raised questions about the politicization of financial services and the potential harm to Bank of America's reputation and shareholder interests. In response, a shareholder proposal (Proposal 5) has been submitted, urging a vote for increased transparency on the bank's de-banking policies in the upcoming 2024 Proxy.

Bank of America is facing scrutiny over allegations of 'de-banking' customers based on their political and religious affiliations. Steven Happ, Founder and President of Indigenous Advance Ministries, claims that the bank closed his ministry's accounts without a clear explanation, suggesting discrimination. The ministry, which has been a client since 2015, was informed by the bank that it was operating in a business type they have chosen not to service. Similar incidents have occurred with other religious groups and individuals, prompting 15 state attorneys general and financial officers to express concern over the bank's practices. These actions have raised questions about the politicization of financial services and the potential harm to Bank of America's reputation and shareholder interests. In response, a shareholder proposal (Proposal 5) has been submitted, urging a vote for increased transparency on the bank's de-banking policies in the upcoming 2024 Proxy.