Following accusations of 'debanking' conservatives, JPMorgan and Bank of America are facing a backlash. This has fueled the growth of Old Glory Bank, a smaller online institution positioning itself as a safe haven for conservative customers. Old Glory has seen a surge in new account openings and social media attention since President Trump's criticism of the major banks.
By debanking conservatives, JPMorgan and Bank of America may be “debanking” themselves, On The Money has learned.
Old Glory gained over 2,000 new customers in just the first 36 hours after Trump’s comments. The bank also saw an upswing in social media engagement — around 700,000 mentions — of the little-known financial institution. Old Glory CEO Mike Ring even got to take a victory lap by testifying at the hearing, crowing about how cancel culture permeates big financial institutions.
That said, the recent news cycle has been good and you can’t say the same for JPM, BofA or any of the mainstream banks. Executives at those places have spent the past couple of weeks scrambling to respond to Trump and other lawmakers, even lefty Sen. Elizabeth Warren , for canceling accounts for various political reasons.
Evidence released during the hearing bolstered some of these claims. According to reporting by Fox Business’ Eleanor Terrett, Sen. Cynthia Lummis released a document from the Federal Reserve outlining how banks must proceed with caution when dealing with customers who could be seen as “controversial.”
Politics DEBANKING CONSERVATIVE BANKING OLD GLORY BANK JPMORGAN CHASE BANK OF AMERICA
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