JPMorgan Chase denied claims that it "debanked" former Kansas Gov. Sam Brownback over his conservative and religious views, according to a report Thursday. The bank said it did not receive information it had requested from Brownback before it closed the account, according to an October 2022 letter viewed by Reuters. Brownback, a Republican who chairs the National Committee for Religious Freedom, has accused JPMorgan of shuttering the account in 2022 on religious grounds. 3 Sam Brownback at a National Day of ...

Trump Signs Two Major Executive Orders That Include CryptoThe first EO directs the Labor Department and SEC to open 401(k) retirement plans to crypto, private equity, and other alternative assets, potentially unlocking access to over $12 trillion in retirement savings.The second order targets debanking, where individuals or companies are denied banking services for political or ideological reasons.This has particularly impacted the crypto industry, with many firms reporting sudden account closures or denial ...

Market Trends & Industry Dynamics - President Trump signs executive orders on debanking [1] - Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information [1] Resources & Platforms - Yahoo Finance offers the latest news and data at finance.yahoo.com [1] - The Yahoo Finance app is available on Apple (https://apple.co/3Rten0R) and Android (https://bit.ly/3t8UnXO) [1] Social Media Presence - Follow Yahoo Finance on X (http://twitter.com/YahooFinance), Instagram (https://www.instagram.com/yahoofinance/?hl=en), TikTok (https://www.tiktok.com/@yahoofinance?lang=en), Facebook (https://www.facebook.com/yahoofinance/), and LinkedIn (https://www.linkedin.com/company/yahoo-finance) [1]

Core Viewpoint - JPMorgan and Bank of America "debanked" former President Trump due to pressure from the Biden administration's banking regulators and the Federal Reserve, linked to his involvement in the January 6 Capitol events [1][2][5]. Group 1: Reasons for Debanking - The decision to debank Trump was influenced by concerns over reputational risk, as regulators warned that banking Trump could lead to regulatory scrutiny and potential penalties [2][6]. - Banking executives reported feeling pressured by regulators to avoid business with individuals associated with controversial political actions, including those involved in the January 6 protests [2][4]. Group 2: Trump's Response and Future Actions - Trump has publicly stated his intention to end the practice of politically motivated debanking and plans to issue an executive order to address this issue [3][12]. - Trump criticized the CEOs of JPMorgan and Bank of America for not supporting him after he left office, despite having significant assets and a long-standing relationship with these banks [11][14]. Group 3: Regulatory Environment - The Office of the Comptroller of the Currency, FDIC, and Federal Reserve have been noted for their ambiguous enforcement of rules regarding reputational risk, which has led banks to adopt a cautious approach towards certain clients [2][8]. - The current regulatory climate has made it easier for banks to avoid potential reputational risks by denying services to individuals like Trump, even when they possess substantial financial resources [6][8].

🗞️ Need to catch up on the news? Here's our top 10 from today:🔸 The White House is preparing an executive order to target banks that discriminate against conservatives and crypto companies, addressing debanking practices with potential fines and penalties, per WSJ.🔹 CFTC launches an initiative for trading spot crypto asset contracts on CFTC-registered exchanges, inviting public feedback by August 18.🔸 September rate cut odds surge to 90%.🔹 Goldman Sachs expects the Fed to start three consecutive 25bps rate ...

Crypto promises made, crypto promises kept.Cointelegraph (@Cointelegraph):🇺🇸 JUST IN: The White House is preparing an executive order to target banks that discriminate against conservatives and crypto companies, addressing debanking practices with potential fines and penalties, per WSJ. https://t.co/rNjKVI2vAq ...

🇺🇸 JUST IN: The White House is preparing an executive order to target banks that discriminate against conservatives and crypto companies, addressing debanking practices with potential fines and penalties, per WSJ. https://t.co/rNjKVI2vAq ...