Bank of America CEO says Trump is “after the right thing” in de-Cunking

President Trump sparked a heated debate after he allegedly discriminated against two major American banks. He claims that Jpmorgan Chase and Bank of America refused to work with him after the presidency, raising concerns from conservatives, code supporters and free speech groups.

Did the bank simply follow the rules or did it go beyond that? Let’s look into it.

Trump says the banks shut him out

Recently, Trump said that Jpmorgan Chase and Bank of America drove him away after they left him. He claimed that JPMorgan gave just 20 days to move “hundreds of millions of dollars” and that Bank of America refused to open an account when it attempted to deposit more than $1 billion.

“The banks discriminated against me very seriously and I was very kind to the bank,” Trump said, adding, “They discriminate against a lot of conservatives.”

What is debanking and why is it important now?

To take off refers to the closure or rejection of a bank account based on a person’s political views, affiliation, and even the industry in which they work. It has sparked concern among conservatives, crypto companies and religious groups.

Banks will discuss otherwise. They argue that such actions are driven by compliance requirements to prevent fraud, money laundering and reputational damage. These risks have become more pronounced after scandals like the FTX collapse.

Bank of America CEOs blame complex rules

Bank of America CEO Brian Moynihan addressed Trump’s remarks in a recent interview with CNBC. Moynihan pointed out that this is not about politics, it is about regulations. “We’re not in politics, we’re just trying to follow the rules,” he said.

He also said that Trump was “following the right thing.” He explained that rules such as BSA (Bank Secret Act), AML (Money Laundering Anti-Money Laundering), KYC (Knowing Customers), and reputation risk policies can be so complicated that banks can force decisions that are later called into question.

Large banks are calling for clearer rules, reform efforts on the back

Moynihan added that the banking industry, including Bank of America, is working with the Treasury Department and the current administration to modify and simplify the system. “We welcome this to be fixed,” he said. He also revealed that Bank of America serves everyone, not just specific groups.

A JP Morgan spokesman also said he has not shut down the explanation for political reasons and agreed with Trump that regulatory reforms are necessary. The bank praised the White House for working on the issue and said it was ready to fix it.

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Trump’s Presidential Order

In particular, Trump is working on executive orders that could potentially be punished by banks for discriminating against crypto companies. Investors are excited about the move and believe this could be a “crypto-unpacking device.”

As both sides are looking for change, there is increasing pressure to fix a system that many say is broken.