AMAC Supports West Virginia Bill to Promote Financial Transparency & Stop De-Banking

No American should fear losing access to financial services because of their deeply held religious or political beliefs which is precisely the discrimination this legislation is designed to prevent.

March 11, 2025

Senator Mike Azinger
Chairman
West Virginia Senate Banking and Insurance Committee
Room 441M, Building 1 State Capitol Complex Charleston, WV 25305

Dear Chairman Azinger,

On behalf of the over 2 million members of AMAC – Association of Mature American Citizens, including nearly 13,000 residing in West Virginia, I write to urge your support of the Creating Transparency in Financial Services Act, SB 663.

Access to financial services is a basic necessity for West Virginia citizens. The clothes on our back, the food on our tables, the roofs over our heads, the ability to support our communities through charity — these all rely on being able to access your hard-earned dollars. However, ideological activists are engaging in religious and political discrimination, and their tool is denying consumers access to money and critical financial services. This practice – known as de-banking – is putting citizens’, businesses’, and non-profits’ ability to participate in the marketplace in jeopardy.

Banks are using “reputational risk” or similarly vague policies to deny service to discriminate against gun manufacturers, distributors, and sellers; fossil fuel producers; contractors for Immigration and Customs Enforcement Agency; and private prisons and related services. This abuse of vague terms of service now extends to discrimination based on a client’s political or religious views. JPMorgan Chase, Wells Fargo, and others have closed the accounts of mainstream conservative and religious groups under the guise of “reputational risk” policies or prohibitions on “misinformation” or “intolerance.”

PayPal, too, has discriminated against numerous groups, including parental rights group Moms for Liberty, for seeming political reasons. In 2022, it tried to fine users for “misinformation” but swiftly reversed course after public backlash.

These are just some of the many victims of de-banking.

This is precisely the discrimination that SB 663 is designed to prevent.

No American should fear losing access to financial services because of their deeply held religious or political beliefs. Unfortunately, viewpoint-based de-banking has become a widespread issue.

Banks that are too big to fail are too big for bias. West Virginia’s bill regulates only large banks and payment processors, who are often the worst perpetrators of de- banking.

We thank you in advance for your thoughtful consideration of this bill, and welcome further conversation on this crucial issue.

Sincerely,

Andrew J. Mangione Jr.
Senior Vice President
AMAC Action