Trump Regulator Making Sure The “Debanking” Era Officially Over

Regulator Cracks Down on “Debanking” Practices

Ensuring Big Banks Respect Customers’ Rights

A top banking regulator is taking decisive action to put an end to the era of “debanking,” a practice where big banks deny services to individuals and businesses based on their political beliefs, industry, or ideology. This move comes after numerous instances of banks, including Google, Paypal, and Amazon, cancelling accounts and restricting access to financial services for those who held dissenting views on topics like the origins of Covid-19 and the BLM movement.

Under the Biden administration, several banks were accused of blacklisting entire sectors, such as firearms, and denying services to individuals based on their political affiliations, with a noticeable bias against non-Democrats. However, Jonathan Gould, head of the Office of the Comptroller of the Currency (OCC), has announced that supervisors are now closely monitoring banks to ensure they have ceased these discriminatory practices. This oversight is a direct result of a June executive order issued by President Donald Trump, which explicitly directs banks to refrain from denying services based on industry type or political considerations. Reuters reports that supervisors are working to ensure the largest banks are in compliance with this updated approach, marking a significant shift in the banking sector’s treatment of customers.

The practice of debanking has been shrouded in secrecy, with only specialists openly discussing its implications. However, its effects can be devastating, denying individuals and businesses access to essential financial services without any recourse or appeal. The issue has sparked concern among advocates, including Christian organizations and conservatives, who claim to have been targeted by these practices. Notably, former First Lady Melania Trump has spoken out about her own experience with debanking, revealing that she and her son Barron were victims of this practice in 2021, after her husband left office. The Trump family has been vocal about the concerted efforts to erase their legacy, with Eric Trump sharing his family’s ordeal.

Banks Denying Services Based on Political Views

What is the main purpose of banks?

· Keep money safe for customers

· Offer customers interest on deposits, helping to protect against money losing value against inflation

· Lend money to firms, customers and homebuyers

· Offer financial advice and related financial services, such as insuranceBanks are intermediaries between depositors (who lend money to the bank) and borrowers (to whom the bank lends money)

This should be the scope of all commercial banks. However, debanking is a form of main stream cancel culture and this is what prophecy has told us about cancel culture.  

Debanking: The Nigel Farage Case study

The banking systems were being utilized to exert social and political control, as evidenced by the compliance of Canadian banks with Trudeau’s request to freeze the bank accounts of truckers involved in the Canadian Freedom protests. Banks actively played politics, mirroring the actions of PayPal and other payment gateways, which froze the accounts of journalists. Graham Phillips, an independent journalist reporting from the Donbass in Eastern Ukraine, had his assets completely frozen last year by UK authorities for merely reporting the truth about the conflict. Alina Lipp, a German journalist living in Donbas, was labeled a Russian terrorist and criminally charged by German authorities for her pro-Russian reporting, resulting in the shutdown of her bank accounts and those of her father. In the US, JP Morgan Chase allegedly severed ties with the faith-based non-profit National Committee for Religious Freedom (NCRF) last year, although the bank has since denied doing so due to the organization’s religious and political views. In 2023, Nigel Farage’s bank announced that it was closing his accounts, a decision that came without initial explanation, despite the controversial UK politician having been a customer for 40 years. Since then, Farage had attempted to open accounts at nine other banks but was unsuccessful. Banking discrimination was not limited to political figures like Farage or high-profile journalists, as banks were actively targeting individuals, with the National Australia Bank (NAB) announcing a plan to ‘cut off’ customers accused of being financial abusers, a practice known as ‘debanking’, which involves suspending, cancelling, or denying access to accounts.

Journalists reported that Nigel Farage had his bank account closed by Coutts, a prestigious bank catering to affluent clients, which is owned by the National Westminster Bank, a institution largely controlled by the British government since the 2008 banking crisis. As a prominent figure, Farage was instrumental in the 2016 referendum vote for Britain to leave the European Union, earning him both admiration and detestation from the public. Investigators found that Farage, who had been acquainted with Donald Trump, had voiced opposition to extreme transgender ideology and the pursuit of zero emissions, but had not been implicated in any illegal activities. Despite this, Coutts terminated his account, although the bank acknowledged that Farage had always conducted himself in a polite and courteous manner in his dealings with them.

Bank documents revealed that the institution perceived significant reputational risks in associating with N F, given his high profile and the substantial amount of adverse press surrounding him. Although he had no criminal convictions, his commentary and behaviours were deemed to be at odds with the bank’s purpose and values. The bank took issue with his comments and articles on ESG and diversity and inclusion, which did not align with their views or purpose. One document highlighted N F’s history of contentious actions, including his role in campaigning for Britain’s exit from Europe on stringent terms, his opposition to Covid restrictions, and his revived hostility towards addressing the climate emergency. The document also criticized his stance on “disinformation”, citing specific tweets in which he opposed clamping down on the spread of false information. These findings were compiled into a 40-page dossier, which was the result of extensive research and labour, funded by the bank’s depositors and shareholders, including the government, and were intentionally included in the bank’s files.

As much as Mr. Farage may not always be right, but the real issue was whether banks had the authority to scrutinize their clients’ views and deny them service if those views conflicted with those of the chief executive. Banks were actively examining the political beliefs of their clients, sparking concerns about their role in society. The chief executive of Coutts’ parent bank, Alison Rose, had explicitly stated that tackling climate change and promoting diversity, equity, and inclusion were central to the bank’s purpose, but it appeared that this diversity did not extend to individuals with conservative views or those with less than $1 million to deposit. Investigations revealed that when Mr. Farage initially announced that Coutts had closed his account, the bank claimed it was due to insufficient funds, but documents obtained by Mr. Farage later proved that the account was closed for purely political reasons. Furthermore, Mr. Farage alleged that nine other banks, acting as a cartel, had refused to open accounts for him, demonstrating a disturbing trend of financial institutions suppressing freedom of opinion.

Bank refuses to open account for parental rights group opposing ‘trans’ surgeries for kids

We also uncovered that another UK-based bank, Metro Bank, had refused to open a business account for a parental rights group, Our Duty, which opposed transgender surgeries for children. The bank’s spokesman attributed the decision to commercial reasons, but the group believed it was due to their political stance. Metro Bank had recently allied itself with pro-LGBT ideology, joining most major UK banks in promoting this cause.

The actions taken against Mr. Farage and the parental rights group served as a warning to the wealthy to conform to the prevailing ideology or risk losing access to their funds. The Canadian government’s introduction of bank bail-in legislation and the potential implementation of a centralized digital currency raised concerns about the erosion of individual freedoms, particularly the ability to control one’s own body and make choices about healthcare, such as vaccine status. With the ability to withhold funds, individuals might be forced to comply with certain requirements, such as taking quarterly vaccinations, in order to access basic necessities like food and housing. As the regulator continues to crack down on debanking, it remains to be seen how this will impact the banking sector and its treatment of customers. One thing is certain, however: the era of debanking is officially over, and big banks are being held accountable for their actions.