North Carolina Republican <a href="https://www.dailywire.com/news/rep-dan-bishop-speaker-fight-helps-republicans-advance-the-ball-gop-majority-must-show-will-on-behalf-of-the-voters" target="_blank" rel="noopener">Dan Bishop</a> said this week that the <a href="https://www.dailywire.com/topic/bank-of-america" target="_blank" rel="noopener">Bank of America</a> provided the <a href="https://www.dailywire.com/topic/fbi" target="_blank" rel="noopener">FBI</a> with private financial information about anyone who was in Washington, D.C., from January 5-7, 2021. 
Bishop, a member of the Judiciary Select Subcommittee on the Weaponization of the Federal Government, said that the federal government had widely victimized Americans through widespread surveillance, even those not accused of any wrongdoing on January 6. 
“Bank of America gave a list to the FBI of anyone who used BofA credit/debit cards in the DC area between Jan 5-7th, 2021 — regardless of whether they participated in the events of Jan. 6th,” he said on Twitter. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Bank of America gave a list to the FBI of anyone who used BofA credit/debit cards in the DC area between Jan 5-7th, 2021 &#8211; regardless of whether they participated in the events of Jan. 6th. <a href="https://t.co/C0zBA1AGmy">pic.twitter.com/C0zBA1AGmy</a>
&mdash; Rep. Dan Bishop (@RepDanBishop) <a href="https://twitter.com/RepDanBishop/status/1659265209725329427?ref_src=twsrc%5Etfw">May 18, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
During remarks at a hearing of the committee on Thursday, the North Carolina Republican referenced whistleblower testimony that the bank had voluntarily turned over credit card transactions for anyone who was in the D.C. area around January 6. 
“There are victims all over the place, all of the people who suffered when the FBI and the Department of Homeland Security got involved in censorship with social media platforms, millions and millions of tweets and narratives being taken down, that is victimization at scale,” Bishop said. 
The whistleblower’s claims were highlighted in a <a href="https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2023-05-17-fbi-whistleblower-testimony-highlights-government-abuse-misallocation-of-resources-and-retaliation-sm.pdf" target="_blank" rel="noopener">report</a> from the weaponization committee that characterized the testimony as “highly alarming.”
“The FBI seemingly worked with a major financial institution to receive, without legal process, financial records about Americans who used credit or debit cards to purchase hotels, flights, or firearms in close proximity to January 6, 2021. This invasion of the privacy of American citizens in this manner is decidedly concerning,” the report <a href="https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2023-05-17-fbi-whistleblower-testimony-highlights-government-abuse-misallocation-of-resources-and-retaliation-sm.pdf">said</a>. 
Other Republicans backed up Bishop, calling for more protections for the liberty of Americans, with Rep. Matt Gaetz (R-FL) referring to the Bank of America’s “astonishing conduct.” 
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“Financial privacy is a cornerstone of individual liberty,” West Virginia State Treasurer Riley Moore said. “Big banks and big government colluding to violate the privacy of American citizens without a warrant is dangerous and unacceptable.”
In response to the allegations, Bank of America <a href="https://abc3340.com/news/nation-world/whistleblowers-claim-fbi-wrongfully-targeted-gun-owners-concerned-parents-marcus-allen-garret-oboyle-and-stephen-friend-weaponization-committee" target="_blank" rel="noopener">said</a> that it, “follows all applicable laws and regulatory requirements to receive, evaluate, process, safeguard and narrowly respond to law enforcement requests.”
On Friday, Bishop <a href="https://twitter.com/RepDanBishop/status/1659614327773511701" target="_blank" rel="noopener">said</a> that the FBI was “rotten to the core” in response to another report that the FBI had wrongly accessed data for hundreds of thousands of Americans. 
“Rotten to the core. It’s far past time to cut their budget and institute significant reforms. The weaponization of the federal government must end,” Bishop said.

Weaponization of the Federal Government Hearing

Republican Rep. Says Major Bank Gave Private Financial Data To FBI For Anyone In D.C. Around Jan 6

Bank of America

Congress

January 6

Matt Gaetz

North Carolina

Politics

Washington D.C.

Veteran <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">bank</a> executives are meeting with senior lawmakers and federal officials as the government comes within two weeks of a potential <a href="http://dailywire.com/topic/national-debt" target="_blank" rel="noopener">debt</a> default.
The <a href="http://dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a>, a statute established by <a href="http://dailywire.com/topic/congress" target="_blank" rel="noopener">Congress</a> that prevents the government from spending beyond a predetermined national debt limit of $31.4 trillion, exceeded the threshold earlier this year. Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> said in a <a href="https://home.treasury.gov/news/press-releases/jy1483" target="_blank" rel="noopener">letter</a> that her agency expects to default on obligations as early as the first day of June unless the debt limit is amended.
Senate Majority Leader <a href="http://dailywire.com/topic/chuck-schumer" target="_blank" rel="noopener">Chuck Schumer</a> (D-NY) hosted a meeting with JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser on Wednesday morning, according to a <a href="https://www.bloomberg.com/news/articles/2023-05-17/dimon-fraser-other-bank-ceos-to-meet-schumer-on-debt-limit#xj4y7vzkg" target="_blank" rel="noopener">report</a> from Bloomberg. Dimon informed the outlet that his financial institution created a “war room” that will monitor contingencies should lawmakers fail to make a deal to increase the debt limit.
“I asked them to make sure that they tell everybody that default should not be an option,” Schumer told journalists after the meeting with Dimon and Fraser, according to a <a href="https://www.cnn.com/2023/05/17/business/bank-ceos-schumer-debt-ceiling/index.html" target="_blank" rel="noopener">report</a> from CNN. An unnamed source told the outlet that the conversation between Schumer and the executives was “frank,” noting that the lawmaker prompted them to ask every member of Congress to explicitly commit themselves to avoid a default.
A default would likely induce a recession as the federal government, a major borrower of funds that investors around the world generally consider to be reliable, neglects to repay obligations.
The national debt, which now surpasses $31.7 trillion, nevertheless offers persistent financial risk and functions as a damper on long-term economic growth. Elevated interest rates on the national debt have <a href="https://www.dailywire.com/news/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending" target="_blank" rel="noopener">weighed</a> on the budget in recent months as lawmakers are forced to allocate more tax revenue toward servicing the obligations rather than funding federal programs.
The executives are currently in the nation’s capital for an annual Bank Policy Institute summit. Yellen is scheduled to meet with the two executives, as well as Bank of America CEO Brian Moynihan, on Thursday afternoon.
The meeting with Schumer comes one day after President Joe Biden and House Speaker Kevin McCarthy (R-CA) held talks to <a href="https://www.dailywire.com/news/biden-and-mccarthy-make-progress-after-latest-debt-ceiling-talks" target="_blank" rel="noopener">discuss</a> possible mechanisms to raise the debt limit. Republicans desire to link a temporary increase in the debt ceiling with spending limits, while Democrats say they prefer separate processes for debt limit negotiations and budget reforms.
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The White House said in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/05/16/readout-of-president-bidens-meeting-with-congressional-leadership-on-preventing-default/" target="_blank" rel="noopener">readout</a> that the meeting was “productive and direct,” while McCarthy said in his own <a href="https://www.speaker.gov/speaker-mccarthys-reaction-to-todays-meeting-with-the-president/" target="_blank" rel="noopener">remarks</a> that “it is possible to get a deal by the end of the week.”
Schumer, Dimon, and Fraser also discussed the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank, the latter of which JPMorgan Chase <a href="https://www.dailywire.com/news/jpmorgan-chase-the-nations-largest-bank-acquires-first-republic-bank-after-government-takeover" target="_blank" rel="noopener">acquired</a> in a deal brokered by federal regulators. Dimon insisted to reporters that “regional banks are strong.”
The implosion of the three medium-sized banks, where the vast majority of account balances exceeded the $250,000 threshold guaranteed by the Federal Deposit Insurance Corporation, prompted the government-backed company to <a href="https://www.dailywire.com/news/financial-authorities-announce-buyer-for-collapsed-silicon-valley-bank" target="_blank" rel="noopener">secure</a> insured and uninsured accounts at the first two financial institutions in early March to prevent further bank runs. Other regional banks, such as PacWest and Western Alliance, have witnessed significant <a href="https://www.dailywire.com/news/regional-bank-stock-plummets-after-company-reveals-deposits-dropped-again" target="_blank" rel="noopener">turmoil</a> in the stock market and increased withdrawal levels in recent weeks.

Jamie Dimon

Major Bank Sets Up ‘War Room’ As Nation Approaches Debt Default

Major Bank Executives Meet With Democrats As Nation Approaches Debt Default

Banks

Chuck Schumer

Citigroup

Debt Ceiling

Economy

Janet Yellen

JP Morgan

National Debt

Large <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">financial institutions</a> will provide First Republic Bank with $30 billion in deposits as the company witnesses pressure from customers who desire to withdraw funds.
Wells Fargo, <a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a>, <a href="https://www.dailywire.com/topic/bank-of-america" target="_blank" rel="noopener">Bank of America</a>, and <a href="https://www.dailywire.com/topic/citigroup" target="_blank" rel="noopener">Citigroup</a> will each contribute $5 billion of deposits to assist First Republic Bank, which is heavily involved in wealth management and has many customers with deposits exceeding the $250,000 threshold protected by the Federal Deposit Insurance Corporation, according to a Thursday <a href="https://www.bloomberg.com/news/articles/2023-03-16/first-republic-to-get-30-billion-of-bank-deposits-in-rescue?utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-business&amp;utm_medium=social&amp;utm_content=business" target="_blank" rel="noopener">report</a> from Bloomberg. Officials from the federal government enabled the deal, details of which circulated across agencies and financial institutions on Thursday ahead of the announcement.
Goldman Sachs and Morgan Stanley will each contribute $2.5 billion, while PNC Bank, Truist Financial, BNY Mellon, U.S. Bancorp, and State Street will each contribute $1 billion. First Republic Bank previously considered a sale and has been working with JPMorgan Chase to contend with its current difficulties.
Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, FDIC Chairman Martin Gruenberg, and Acting Comptroller of the Currency Michael Hsu said in a <a href="https://www.fdic.gov/news/press-releases/2023/pr23020.html" target="_blank" rel="noopener">statement</a> that the &#8220;show of support&#8221; is &#8220;most welcome&#8221; and &#8220;demonstrates the resilience of the banking system.&#8221;
Shares of First Republic Bank declined nearly 73% between March 8 and March 13, the time horizon over which Silicon Valley Bank and Signature Bank were shuttered by the FDIC. Prices for First Republic Bank rose more than 10% on Thursday amid the deposit assistance discussions.
First Republic Bank maintains $271 billion in assets, an amount comparable to the $212 billion maintained by Silicon Valley Bank and the $110 billion maintained by Signature Bank. JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo respectively control $3.7 trillion, $3.1 trillion, $2.4 trillion, and $1.9 trillion; some have noted that the recent collapse of smaller banks could spur consolidation in the financial services sector.
Silicon Valley Bank announced a $1.75 billion share sale last week after the company <a href="https://www.dailywire.com/news/regulators-shut-down-major-tech-bank-after-run-on-savings" target="_blank" rel="noopener">suffered</a> heavy losses from the liquidation of long-term assets in a $21 billion bond portfolio, raising concerns among venture capital firms and startups with ties to the company about the safety of their deposits. The portfolio had declined in value due to the higher economy-wide interest rate environment caused by actions from the Federal Reserve to decrease inflation.
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The vast majority of deposits at Silicon Valley Bank, which offered services to nearly half of the venture-backed technology and healthcare firms in the United States, exceeded the $250,000 threshold typically insured by the FDIC. Regulators scrambled to guarantee all deposits at Silicon Valley Bank such that the remainder of the financial system, in which roughly half of deposits surpass $250,000, would remain protected from the possibility of bank runs.
Yellen asserted before members of the Senate Finance Committee on Thursday that her agency, the Federal Reserve, and the FDIC successfully <a href="https://www.dailywire.com/news/yellen-tells-lawmakers-that-the-american-banking-system-remains-sound-after-two-banks-collapse" target="_blank" rel="noopener">protected</a> the deposits of affected banks. “I can reassure the members of the Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them,” she commented. “This week’s actions demonstrate our resolute commitment to ensure that depositors’ savings remain safe.”
Some lawmakers cautioned of moral hazard arising from efforts to insure deposits both above and below the $250,000 threshold. “I am concerned about the precedent of guaranteeing all deposits and the market expectation moving forward,” Senate Finance Committee Ranking Member Mike Crapo (R-ID) told Yellen, noting that “rising interest rates” induced by Federal Reserve efforts to combat inflation are “impacting household budgets, the federal government’s coffers, and, as we saw this week, our banking system.”

First Republic Bank

Big Banks Rescue Collapsing First Republic Bank With $30 Billion Deal

Large Banks Will Save Collapsing First Republic Bank With $30 Billion Deal

Silicon Valley Bank

U.S.

<a href="https://www.dailywire.com/topic/bank-of-america" target="_blank" rel="noopener">Bank of America</a> CEO Brian Moynihan is on the shortlist to succeed <a href="https://www.dailywire.com/topic/treasury-department" target="_blank" rel="noopener">Treasury</a> Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a>, according to a <a href="https://www.foxbusiness.com/politics/brian-moynihan-added-short-list-replace-yellen-treasury" target="_blank" rel="noopener">report</a> from Fox Business.
Multiple sources told the outlet the longtime investment banker joined Commerce Secretary Gina Raimondo and Securities and Exchange Commission Chair Gary Gensler on the list of potential candidates to take over the challenging role of managing the federal government’s finances.
Bank of America executive Lawrence DiRita, who manages the company’s public affairs, declined comment but would not deny the speculation regarding Moynihan, according to Fox Business. A spokesman for the White House also declined comment, while White House Press Secretary Karine Jean-Pierre <a href="https://www.whitehouse.gov/briefing-room/press-briefings/2022/12/09/press-briefing-by-press-secretary-karine-jean-pierre-december-9-2022/" target="_blank" rel="noopener">said</a> on Friday that the report “seems to be pure speculation.”
Moynihan previously worked as chief executive of Merrill Lynch before the company was sold to Bank of America in 2008; he became the second-largest American financial institution’s chief executive two years later. Fox Business notes that Moynihan has been attending state dinners and accepting <a href="https://www.foxbusiness.com/economy/bank-of-america-ceo-predicts-shallow-recession-us-consumer-resilient" target="_blank" rel="noopener">media interviews</a> in which he advances the optimistic economic outlook maintained by the White House.
An earlier <a href="https://www.axios.com/2022/09/28/janet-yellen-treasury-midterms-shuffle" target="_blank" rel="noopener">report</a> from Axios found that Yellen and other officials could resign after the midterm elections. One concern that might have prevented Yellen’s exit was finding a replacement that could be approved by the Senate; however, a lackluster Republican performance has guaranteed that the upper chamber will remain in Democratic hands. The report added that Brian Deese, the director of the National Economic Council, and Cecilia Rouse, the chair of the Council of Economic Advisers, could depart early next year.
Yellen, who formerly led the Federal Reserve, has so far <a href="https://www.youtube.com/watch?v=hWf-WiQ0ZWE" target="_blank" rel="noopener">denied</a> the rumor of her upcoming exit from the administration. “There is no truth to that,” she recently told MSNBC anchor and Washington Post columnist Jonathan Capehart.
The 76-year-old economist has been the subject of criticism over the past two years for downplaying the impact that record inflation would have on the economy. By the end of last year, Yellen began <a href="https://www.dailywire.com/news/janet-yellen-admits-inflation-shouldnt-be-labeled-transitory" target="_blank" rel="noopener">pivoting</a> away from the term “transitory” as a reliable descriptor for rising price levels.
“I am ready to retire the word transitory,” she said. “I can agree that that hasn’t been an apt description of what we are dealing with.”
Earlier this year, she <a href="https://www.dailywire.com/news/janet-yellen-admits-she-was-wrong-about-inflation-being-small-risk" target="_blank" rel="noopener">told</a> CNN host Wolf Blitzer that she was “wrong then about the path that inflation would take,” acknowledging that “there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly.”
The White House has also been criticized for arguing that the economy <a href="https://www.dailywire.com/news/white-house-does-preemptive-damage-control-as-economy-heads-toward-recession" target="_blank" rel="noopener">never entered</a> a recession, even though the rule-of-thumb definition, two conservative quarters of negative growth, was satisfied in the first half of this year. Administration officials have claimed that only an official determination from the National Bureau of Economic Research would mean the nation was in a prolonged contraction.
In one set of particularly eyebrow-raising comments, Yellen <a href="https://www.dailywire.com/news/yellen-were-not-in-a-recession-were-in-a-transition-in-which-growth-is-slowing" target="_blank" rel="noopener">asserted</a> that the nation was not in a recession but rather a “period of transition in which growth is slowing.”

Executive Interviews At The Goldman Sachs Financial Services Conference

Bank Of America CEO Could Be The Next Treasury Secretary: Report

White House Adds Another Name To Short List Of Potential Janet Yellen Replacements: Report

Treasury Department

Nearly three-fourths of American workers say that the cost of living is outpacing wages, according to a new report.
Bank of America&#8217;s 12th annual Workplace Benefits Report, &#8220;<a href="https://www.prnewswire.com/news-releases/bank-of-america-study-finds-84-of-employers-now-say-offering-financial-wellness-tools-helps-increase-employee-retention-301634130.html" target="_blank" rel="noopener">Navigating a New Era of Financial Wellness</a>,&#8221; noted that more American workers are feeling pressure to their &#8220;financial wellness&#8221; because of soaring inflation.
According to a <a href="https://www.prnewswire.com/news-releases/bank-of-america-study-finds-84-of-employers-now-say-offering-financial-wellness-tools-helps-increase-employee-retention-301634130.html" target="_blank" rel="noopener">news release</a> announcing the results, &#8220;71% feel the cost of living is outpacing growth in their salary or wages. This is having an impact on employees&#8217; overall feeling of financial wellness.&#8221;
The percentage was up from 58% in February. In addition, 80% of workers are concerned about inflation, regardless of age, gender, race, or income.
Almost two-thirds of workers, 62%, are stressed about their finances despite being employed.
“Employees are feeling stressed by current economic conditions and they are looking for help from their employers across a range of financial and other wellness topics,” Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America, <a href="https://business.bofa.com/en-us/content/workplace-benefits/workplace-benefits-report-overview.html" target="_blank" rel="noopener">said</a> regarding the report.
The study showed that a majority of American workers see inflation as a major concern, despite recent drops in gas prices and a strong job market. In addition, though housing costs have started to slow in recent months, prices in other areas, such as food, utilities, and retail items, continue to soar.
Home energy bills could become a major source of concern as the nation nears the winter months. In a different Bank of America <a href="https://business.bofa.com/content/dam/flagship/bank-of-america-institute/economic-insights/consumer-morsel-high-energy-impact-september-2022.pdf" target="_blank" rel="noopener">study</a> released last week, U.S. utility bills have increased 16.3% year over year.
The higher costs are expected to hit lower-income Americans the most. With electricity prices up 33% year over year, simply keeping the lights on is becoming a struggle for a growing number of households.
Recent updates regarding inflation also appear to support the growing concerns. U.S. price levels between August 2021 and August 2022 rose 8.3%, according to <a href="https://www.bls.gov/news.release/cpi.nr0.htm">data</a> from the Bureau of Labor Statistics.
A <a href="https://www.bankrate.com/personal-finance/pay-raise-survey-september-2022/">poll</a> from Bankrate that found 48% of American workers enjoyed a pay raise in the past year, while 21% found a higher-paying job, including 8% who received both, as The Daily Wire previously <a href="https://www.dailywire.com/news/americans-are-getting-raises-that-fail-to-keep-up-with-record-inflation" target="_blank" rel="noopener">reported</a>. However, 39% of workers received neither — the lowest level in any prior version of the survey.
However, just 39% of respondents who received a raise or a better-paying job reported that the income was enough to keep pace with prices. One-third of workers agreed that their income has either exceeded or kept pace with inflation over the past year.
“It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy,” President Joe Biden said in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/13/statement-of-president-joe-biden-on-consumer-price-index-in-september/">statement</a> on the Inflation Reduction Act. “And my economic plan is showing that, as we bring prices down, we are creating good paying jobs and bringing manufacturing back to America.”

grocery store

Almost Three-Quarters Of Workers Say Inflation Is Outpacing Their Pay

Inflation

A major financial outlet last week warned that a controversial lending scheme from <a href="https://www.dailywire.com/news/boa-ripped-over-no-down-payment-no-closing-costs-mortgage-plan-for-minorities">Bank of America</a> aimed at helping black and Hispanic homebuyers could actually negatively impact them.
Bank of America&#8217;s so-called Community Affordable Loan Solution offers loans with no down payments and no closing cost, <a href="https://www.dailywire.com/news/boa-ripped-over-no-down-payment-no-closing-costs-mortgage-plan-for-minorities">The Daily Wire</a> reported last week. The bank is specifically targeting black and Hispanic neighborhoods across the nation and requiring no minimum credit score for participants.
MoneyWise, a financial site reaching millions of readers a month, <a href="https://moneywise.com/mortgages/pros-and-cons-of-new-bofa-lending-program?utm_source=google_top_stories&amp;utm_medium=Z&amp;utm_campaign=23002&amp;utm_content=23002">warned</a> that the program could easily &#8220;backfire.&#8221;
&#8220;While credit scores aren’t always an accurate barometer of a buyer’s purchase power or ability to make timely payments, advocates worry the interest rates required to make up for the low bar the lender is setting could set minority buyers up for failure,&#8221; MoneyWise explained.
Harkening back to the 2008 housing crisis, the financial site noted that much of the issues were driven by banks doling out risky loans to unqualified buyers.
Notably, Bank of America was <a href="https://www.reuters.com/article/us-banks/bank-of-america-gets-big-government-bailout-idUSTRE50F1Q720090116">bailed out</a> by tens of billions of dollars by the American taxpayer due to the crisis.
The Community Affordable Loan Solution program seems to be replicating the problems, the site suggested.
&#8220;It’s likely that at least some of the borrowers under Bank of America’s new program would be considered &#8216;subprime&#8217; under ordinary lending rules — recalling the ugliest days of the 2008 crisis and supplying critics with easy talking points,&#8221; MoneyWise explained.
Meanwhile, the bank is championing the program as a leg-up for minorities.
“Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve,” <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/08/bank-of-america-introduces-community-affordable-loan-solution--t.html">boasted</a>  A.J. Barkley, head of neighborhood and community lending for Bank of America.
Criticism of the bank program goes beyond its functionality; some online blasted the lender for the racially-charged focus and seeming exclusions.
For example, commentator Steve Cortes, who also served as a campaign spokesman for former President Trump, called the program racist.
“Hey Americans who happen to be white: You bailed out Bank of America when they (and every other big bank) nearly collapsed the economy,” Cortes tweeted, <a href="https://www.dailywire.com/news/boa-ripped-over-no-down-payment-no-closing-costs-mortgage-plan-for-minorities">The Daily Wire</a> highlighted. “Now…BofA pays you back with an explicitly race-based lending program that overtly discriminates against white people. Had enough???”
Attorney <a href="https://www.dailywire.com/news/boa-ripped-over-no-down-payment-no-closing-costs-mortgage-plan-for-minorities">Harmeet Dhillon</a> added the program could potentially violate the federal Consumer Credit Protection Act and California&#8217;s Unruh Act, a 1959 law that prohibits businesses from discriminating against consumers based on various factors including race, color, religion, ancestry, and national origin.
Greg Wilson contributed to this report. 
Related: <a href="https://www.dailywire.com/news/boa-ripped-over-no-down-payment-no-closing-costs-mortgage-plan-for-minorities">BoA Ripped Over No Down Payment, No Closing Costs Mortgage Plan For Minorities</a>

Bank of America sign in USA

‘Could Set Minority Buyers Up For Failure’: Major Financial Outlet On BoA Lending Scheme

Major Financial Outlet Warns Against BoA Lending Scheme For Minorities 

Blacks

Hispanics

<a href="https://www.dailywire.com/topic/banks" target="_blank" rel="noopener">Bank of America</a> is under fire for a new mortgage lending program geared specifically to <a href="https://www.dailywire.com/topic/racial-discrimination" target="_blank" rel="noopener">black and Hispanic homebuyers</a>.
The loans, to be made in select minority communities throughout the country, require no down payments and no closing costs. Although white homebuyers in those neighborhoods who meet certain criteria are eligible for the program, the North Carolina-based lender said it is designed explicitly for blacks and Hispanics.
“Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve,” A.J. Barkley, head of neighborhood and community lending for Bank of America, said.
The lending scheme, called the Community Affordable Loan Solution, is being rolled out in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. It also has no minimum credit score requirement and buyers won’t have to pay mortgage insurance, which buyers who don’t put 20% down typically must pay.
California attorney Harmeet Dhillon said the program could potentially violate her state’s Unruh Act, a 1959 law that prohibits businesses from discriminating against consumers based on various factors including race, color, religion, ancestry, and national origin. She said it could also violate the federal Consumer Credit Protection Act.
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In California, this would seem to violate the Unruh Act. Also federal Title VIII … Bank of America announces zero down payment mortgages for Black and Latino homebuyers <a href="https://t.co/zzFDWhrmK5">https://t.co/zzFDWhrmK5</a> via <a href="https://twitter.com/NBCNews?ref_src=twsrc%5Etfw">@nbcnews</a>
&mdash; Harmeet K. Dhillon (@pnjaban) <a href="https://twitter.com/pnjaban/status/1565196785181609985?ref_src=twsrc%5Etfw">September 1, 2022</a></blockquote>
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Steve Cortes, a former CNBC, Fox News, and Newsmax business commentator who also served as a campaign spokesman for former President Trump, called the program racist.
“Hey Americans who happen to be white: You bailed out Bank of America when they (and every other big bank) nearly collapsed the economy,” Cortes tweeted. “Now…BofA pays you back with an explicitly race-based lending program that overtly discriminates against white people.  Had enough???”
Twitter user Breanna Morello joked on Twitter that she could qualify simply by identifying as a minority, even though she is not.
“As a transracial woman, I am excited that @BankofAmerica will be providing me and other transracial Americans with the opportunity of owning a home without a down payment and closing costs,” Morello tweeted. “Transracials EVERYWHERE need to take advantage of this opportunity.”
Bank of America has a checkered history with minority communities. Countrywide Financial, a subprime lender it bought in 2008, was <a href="https://www.justice.gov/opa/pr/justice-department-reaches-335-million-settlement-resolve-allegations-lending-discrimination" target="_blank" rel="noopener">fined</a> $335 million for allegedly charging black and Hispanic homebuyers higher interest rates than whites.

Bank of America Profit Increase

BoA Ripped Over No Down Payment, No Closing Costs Mortgage Plan For Minorities

Business

Minorities

Racial Discrimination

Arizona banks may soon be barred from discriminating against businesses in the firearms industry.
Under a new bill, <a href="https://www.azleg.gov/legtext/55leg/2R/bills/HB2473H.pdf">HB2473,</a> banks would be prohibited from receiving government contracts if they don&#8217;t pledge to avoid discriminating against those in the firearms industry. The legislation would not impact existing contracts. 
“Businesses can do what they like, but these are the ones speaking are federally chartered banks. We have to make this right for the people,” State Rep. Frank Carroll told The Daily Wire. “[These banks] are saying they have a right to make political decisions about banking. What is that to the people that need banking services?”
During a committee hearing last month, Ruger Firearms VPO Tim Lowney said their decades-long relationship with Bank of America was cut abruptly cut short. The bank had informed Lowney they would no longer do business with his company because they’re in the firearms industry. Ruger has over 400 employees in Arizona. 
Lowney said Ruger faced similar problems at other banks, and that firearms dealers are also suffering.
Arizona Bankers Association (ABA) spokesman Jay Kaprosy argued that there weren’t any circumstances in which a business was entirely unable to obtain banking due to their relation in the firearms industry. 
“We have searched high and low trying to find circumstances in which there is a firearms business or a rampant set of firearms businesses that are going without a bank [or] banking relationship. We’ve been unable to find any,” said Kaprosy. 
The National Shooting Sports Foundation (NSSF) has been engaged in similar legislation across the country, in Congress and in states like Oklahoma, Louisiana, and Kansas. NSSF Public Affairs Director Mark Oliva told The Daily Wire that these bills ensure that people’s right to bear arms truly remains viable: if banks stop those in the firearm industry from doing business, then people may not be able to obtain those firearms.
“You are born with your inherent right to exercise your Second Amendment right to keep and bear arms. That right doesn&#8217;t exist unless you have the ability to go down to a gun counter and buy a gun,&#8221; said Oliva. &#8220;Unless you have the right to go down and lawfully obtain a firearm, that right is on paper only.&#8221;
Major banks with policies limiting or outright prohibiting business with those in the firearms industry include CitiGroup, which, for example, turns away those who sell firearms to individuals under 21 or who haven’t passed a background check, as well as those who sell bump stocks or high-capacity magazines. 
“These groups are trying to institute laws that are going well beyond what’s prescribed in federal and state laws to institute their own gun agenda through their own corporate largesse,” said Oliva. “They’re unaccountable to the American public. This is why we elect leaders, because they can represent us on these issues. If we disagree with them, we have the ability to vote them out. We don&#8217;t have that ability with the corporate boardrooms.”
Even speaking in favor of non-discrimination legislation may come at a cost. 
NSSF told The Daily Wire how Brandon Maddox, founder of a suppressor manufacturer and distributor Silencer Central, had his service terminated with Capital One earlier this year after he testified in favor of similar legislation in South Dakota. Up until Capital One turned him away, Maddox was required to use a personal credit card for his business because the bank’s policies prevented him from getting a corporate card. Maddox applied for a corporate card by listing as a sporting goods business before <a href="https://www.mitchellrepublic.com/news/south-dakota/bill-to-penalize-banks-over-gun-policies-fails-in-sd-senate-committee">testifying</a> in favor of the proposed non-discrimination legislation. Almost immediately, Capital One denied his application for a corporate card and informed him that they terminated his private card service.
Banking policies barring business with those in the firearms industry have been underway for years, largely in response to mass and school shootings. In 2018, national headlines <a href="https://www.dailyfreeman.com/2018/06/24/gun-industry-sees-banks-as-new-threat-to-second-amendment/">reflected</a> a major culmination of banks’ efforts, noting one example of how payment processing services Stripe and Intuit refused to do business with a small handgun company in Georgia.
That kind of behavior may come to a halt in Arizona soon with HB2473. It passed out of the Senate Appropriations Committee at the end of March, and awaits scheduling for a final vote on the Senate floor. 
Corinne Murdock is a reporter for The Daily Wire and AZ Free News. Have something you think the mainstream media won’t cover? Send tips to <a href="mailto:corinnejournalist@gmail.com">corinnejournalist@gmail.com</a>.

Gun and ammunition sales in the US

Arizona Bill Would Block Banks From Discriminating Against Firearms Industry

2nd Amendment

Arizona

Cancel Culture

firearms

In order to avoid a surge in assaults, Bank of America told their New York City employees to “dress down.”
According to <a href="https://nypost.com/2021/12/02/bank-of-america-execs-warn-junior-staffers-to-dress-down-as-nyc-crime-surges/">The New York Post</a>, Bank of America’s warning occurs as monthly felony assaults in the city have risen year-over-year by 15%, while murder has increased by 42% over the past two years.
The outlet reported:
<blockquote>At Bank of America, senior executives have quietly encouraged younger employees to “dress down” to attract less attention as they make their way to B of A’s tower at 1 Bryant Park. These execs have told their staffers that dressing up, or wearing anything with a Bank of America logo, could make them a target. One bank employee told On The Money he is on high alert after he spotted someone with a knife near the office during a recent trek to the Manhattan workplace&#8230;
One top executive at a large money management firm even recently began carrying a Taser as he commutes to his Midtown office, a person with direct knowledge of the matter told On The Money. And after daylight-saving time ended last month, more people are commuting home in the dark, giving worries over crime a renewed focus.
In areas surrounding Hudson Yards, the problem has been especially acute: For commuters coming into Penn Station or the Port Authority Bus Terminal, walking the few blocks to the Far West Side after dark on largely deserted streets, except for sometimes menacing vagrants, can feel dangerous, sources told On The Money.</blockquote>
Increases in crime — as well as high taxes and regulations — have made financial executives more skeptical about the future of New York City.
At a recent Financial Times conference, Goldman Sachs chief executive David Solomon <a href="https://www.dailywire.com/news/goldman-sachs-ceo-says-declining-new-york-city-may-lose-status-as-global-financial-hub">warned</a> that New York City may cease to be a global financial hub if it does not reverse the policies causing its decline. He explained that “New York has to be aware that there are good choices, and it’s got to keep itself attractive” — especially with relation to “taxes” and “cost of living.”
Pointing to Detroit losing its status as the capital of the automobile industry, Solomon noted that no city is guaranteed “a permanent place in the world.”
Over the summer, many investment bankers <a href="https://www.dailywire.com/news/bankers-are-begging-their-employers-for-transfers-from-new-york-to-florida">flooded</a> recruiters’ offices with requests for transfers to Florida. Fox Business <a href="https://www.foxbusiness.com/money/wall-street-workers-want-florida-transfers-as-job-waiting-lists-grow">reported</a>:
<blockquote>Job headhunters say banks such as JPMorgan and Goldman Sachs have what is being described as a waiting list of executives looking to move to the Sunshine State primarily because of its lower cost of living, but also because of other quality of life issues including a lower crime rate. Manhattan, where both firms are located, is dealing with a spike in crime and homelessness. Under Mayor Bill de Blasio crime statistics have risen in most categories with the New York Police Department reporting a 39.6% rise in grand larceny thefts last week for the four weeks ending June 6. </blockquote>
Beyond assaults and murders, New York City is not immune to a <a href="https://nypost.com/2021/11/25/spike-in-smash-and-grab-attacks-means-bad-news-for-shoppers/">rise</a> in group smash-and-grab robberies. Across large cities in the United States, hordes of armed people have emptied retail stores and assaulted employees. In areas with “zero bail” policies, many suspects have been <a href="https://www.dailywire.com/news/14-arrested-in-smash-and-grab-thefts-totaling-340000-all-quickly-released-due-to-zero-bail-policy">released</a> onto the streets immediately following their arrests.

NYC Crime Scene

Bank Of America Warns Employees To ‘Dress Down,’ Avoid Rise In New York City Assaults

Crime

New York City

Fox News host Tucker Carlson reported exclusively on Thursday night that Bank of America is allegedly turning over private information about its customers to federal law enforcement officials — without the knowledge or consent of its customers — in an apparent effort to identify those who participated in the January 6 riot at the U.S. Capitol Building.
Carlson led off the segment by talking about how the Biden administration and law enforcement has stated that they want to go after domestic &#8220;extremists,&#8221; but have not laid out a clear definition of what qualifies as an &#8220;extremist.&#8221;
&#8220;What exactly are they doing?&#8221; Carlson asked. &#8220;How are they hunting these extremists they keep telling us about, but will not describe?&#8221;
&#8220;We now know part of the answer to that question,&#8221; Carlson said. &#8220;This show has obtained exclusively evidence that Bank of America, the second largest bank in the country with more than 60 million customers, is actively but secretly engaged in the hunt for extremists in cooperation with the government.&#8221;
&#8220;Bank of America is, without the knowledge or the consent of its customers, sharing private information with federal law enforcement agencies,&#8221; Carlson continued. &#8220;Bank of American effectively is acting as an intelligence agency, but they&#8217;re not telling you about it. In the days after the January 6 riot at the Capitol, Bank of America went through its own customers’ financial and transaction records &#8230; these were the private records of Americans who had committed no crime, people, who as far as we know, had absolutely nothing to do with what happened at the Capitol on January 6.&#8221;
&#8220;But at the request of federal investigators, Bank of America searched its databases looking for people who fit a specific profile,&#8221; Carlson continued. &#8220;Here&#8217;s what that profile was, and we are quoting, &#8216;customers confirmed as transacting either through bank account, debit card, or credit card purchases in Washington, D.C., between January 5 and January 6. Number two, purchases made for hotels, Airbnb, RSVPs, in Washington, Virginia, or Maryland after January 6. Number three, any purchase of weapons or at a weapons-related merchant between January 7 and their upcoming suspected stay in the D.C. area around Inauguration Day. And four, airline-related purchases since January 6.&#8221;
&#8220;So what do you notice about that profile? Well, the first thing you notice is that it&#8217;s remarkably broad,&#8221; Carlson said. &#8220;Any purchases of anything in the city of Washington, D.C., any overnight state anywhere in the three state area, that spans hundreds of miles, any purchase, not simply of legal firearms, but instead anything bought from a &#8216;weapons related merchant,&#8217; t-shirts included, and then any airline related purchases, not just flights to Washington, flights to anywhere — to Omaha, to Thailand.&#8221;
&#8220;Bank of America identified a total of 211 customers who met these &#8216;thresholds of interest,’” he continued. &#8220;And it was at that point, the show has learned, Bank of America turned over the results of its internal scan to federal authorities, apparently without notifying the customers who were being spied upon. Federal investigators then interviewed at least one of these unsuspecting people, and that person, we&#8217;ve learned, hadn&#8217;t done anything wrong, and in the end, was cleared. Imagine if you were that person. The FBI hauls you in for questioning in a terror investigation, not because you&#8217;ve done anything suspicious — you haven&#8217;t — you bought plane tickets and visited your country&#8217;s capital, you thought you could do that, you thought it was your country. Now they&#8217;re sweating you because your bank, which you trust with your most private information, information of everything you buy, has ratted you out to the feds without telling you, without your knowledge.&#8221;
&#8220;Because Bank of America did that, you&#8217;re being treated like a member of al-Qaeda,&#8221; he continued. &#8220;What country is this? It doesn&#8217;t matter how much you despise Donald Trump, or how much you believe that hatred of Trump justifies suspending this country&#8217;s ancient civil liberties. Going through that experience would scare the hell out of you. Absolutely. A terror suspect, you would think? Does anyone else know about this? Is there a record of this interview? Will I lose my job because of it? That actually happened to someone. It&#8217;s hard to believe it, but it did. We asked Bank of America about this. They confirmed it actually happened by not denying it.&#8221;
Carlson then read off a statement from Bank of America:
<blockquote>We don&#8217;t comment on our communications with law enforcement. All banks have responsibilities under federal law to cooperate with law enforcement inquiries in full compliance with the law.</blockquote>
&#8220;Now the last part, from the lawyers perspective, is the essence — in full compliance with the law. It&#8217;s the law; we had no choice. But that&#8217;s not true. Bank of America did have a choice. The bank could have resisted turning over information on its innocent customers to federal investigators. But Bank of America did not do that. Nor is it clear, if we&#8217;re going to be precise about it, that what Bank of America did is even legal. It turns out it&#8217;s not simple. It&#8217;s a gray area,&#8221; Carlson continued. &#8220;We spoke to a number of lawyers about this today, [some of them] told us that what Bank of America did might in fact not be legal, and could in fact be challenged in court.&#8221;
WATCH:
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Bombshell report: Tucker Carlson reports that Bank of America is allegedly turning over private information about its customers to federal law enforcement officials without the knowledge or consent of its customers. <a href="https://t.co/RXQrMbdB5q">pic.twitter.com/RXQrMbdB5q</a>
&mdash; (((Jason Rantz))) on KTTH Radio (@jasonrantz) <a href="https://twitter.com/jasonrantz/status/1357499101097517056?ref_src=twsrc%5Etfw">February 5, 2021</a></blockquote>
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Bank Of America ‘Is Without The Knowledge Or The Consent’ Of Customers ‘Sharing Private’ Info With Feds, Tucker Carlson Reports

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