De-banking a Bad Look for Banks

​The U.S. Supreme Court recently ruled in NRA v. Vullo that New York Financial Services superintendent Maria Vullo unlawfully discriminated against a leading firearm advocacy organization by coercing financial institutions to de-bank them.
 
This case implicates a disturbing trend in corporate America far beyond the dictates of state regulators and politicians. In 2022, JPMorgan Chase 86’ed the bank account of the National Committee for Religious Freedom, run by former Kansas governor and U.S. Sen. Sam Brownback. The bank refused to reinstate the account unless NCRF disclosed its private donor information.
 
The Alliance Defending Freedom fought back, spearheading a campaign against the bank that included the development of a “Viewpoint Diversity Score Business Index,” measuring private companies’ respect for religious freedom. According to ADF, Chase agreed to change its policies, committing “to ongoing engagement on how their company can protect free speech and religious liberty.”
 
Under the law, large corporations are generally free to have opinions and to choose their customers. The First Amendment, after all, only applies to government actors like Commissioner Vullo, not to private entities like Chase. But the values of a First Amendment society are enabled and underscored by pluralism in the commercial sector. This is especially true for service providers like a bank and other businesses that offer public services, often under common carrier law. (For businesses that offer expressive services, from newspapers to social media providers, they have an absolute right to curate their content – though they, too, would do our society a civic good by allowing space for a wide diversity of viewpoints.)
 
Americans should not have to be concerned about a potential loss of financial empowerment just because of their religious or political views. Corporate cancellations are a bad look. While companies may not be subject to First Amendment strictures, they surely are subject to public relations disasters. This was one of them. Protect The 1st congratulates Chase for listening and reversing its policy.