Louisiana Treasurer Denies Bank of America Fiscal Agent Status in State

A Bank of America customer uses an ATM at a Bank of America branch office in San Francisco, Calif., on July 14, 2021. (Justin Sullivan/Getty Images)

Louisiana State Treasurer John Fleming has said he will not recommend Bank of America’s (BOA) application to serve as one of the state’s authorized fiscal agents, citing its alleged discrimination against certain clients and its environmental, social, and governance (ESG) practices.

In an Aug. 12 statement, Fleming said he did not make the decision lightly.

The decision is based on alleged evidence that BOA is “deliberately denying banking services to customers and potential customers” such as religious organizations, gun manufacturers, oil and gas producers, and others, based “simply on their political perspectives and activities, not because of any bank policy or law violations,” Fleming said.

“It is my opinion and that of many Americans that financial institutions should not weigh in on matters involving a political viewpoint, either conservative or liberal, or Republican or Democrat,” Fleming said. “Such issues should be debated openly among the people and decided by their elected representatives.”

Fleming cited two cases of Bank of America allegedly denying service to Christian organizations—Indigenous Advance Ministries, a charitable organization, and Timothy Two Project International, which trains indigenous Christian pastors—because of their beliefs.

Last year, a spokesperson for BOA told The Epoch Times that it had closed Indigenous Advance Ministries’s accounts because some of its activities conflicted with the bank’s policies, not because of issues with its beliefs.

“Religious beliefs are not a factor in any account-closing decision,” the spokesperson said. “Our U.S. division that serves small businesses doesn’t offer banking services to organizations that provide debt collection services for a variety of risk-related considerations and doesn’t serve small businesses operating outside the United States.”

There are 89 banks approved to work as state depositories and fiscal agents in Louisiana, according to state records.

Bank of America applied to be a fiscal agent for the state of Louisiana in March.

Bank of America told The Epoch Times that “the allegations about us are factually incorrect.”

“Religious views are not a factor in any account closing decision. In fact, Bank of America provides services to more than 100,000 nonprofits associated with religious organizations around the country,” a spokesperson said.

“These incorrect allegations were raised to us by a number of state officials earlier this year and we provided a detailed response on May 15 to those officials, including Treasurer Fleming.”