BofA and JPMorgan lobby for clearer regulations after conservative criticism

From Investing.com: 2025-01-24 18:55:51

Bank of America and JPMorgan plan to lobby against accusations of shutting down conservative accounts for political reasons. Trump criticized the banks for not serving conservatives. The banks deny making political banking decisions and seek clearer regulations. They aim to clarify anti-money laundering laws and fair access to financial services.

JPMorgan will also lobby for clearer regulations on assessing customers. Bank lobby groups will join the effort to push for clearer anti-money laundering laws and fair access to financial services standards. Banks want regulations to be trimmed to have clearer standards around debanking.

Banks are waiting for clarity on new anti-money laundering rules. Different state laws have made banking more challenging, prompting big banks to push for a clear federal standard on fair access to financial services. Regulators may flag risky activity, causing banks to step back to avoid fines.

JPMorgan CEO Jamie Dimon calls for clearer rules. Lenders cannot inform customers why they were debanked, leading to accusations of political bias. Dimon insists they do not debank based on political or religious relationships. He stresses the need for clearer regulations to address the issue.



Read more at Investing.com: BofA, JPMorgan to lobby White House, Congress after conservative criticism By Reuters