Louisiana Treasurer Rejects Bank of America

Louisiana State Treasurer John Fleming has announced he will not endorse Bank of America (BOA) for the role of authorized fiscal agent for the state, citing concerns over alleged discrimination against certain clients and the bank's environmental, social, and governance (ESG) practices. Fleming claims that BOA has been denying banking services to clients, including religious organizations and gun manufacturers, based on their political beliefs rather than any violations of bank policy or law. Fleming emphasized that financial institutions should remain neutral in political matters, stating, “Such issues should be debated openly among the people and decided by their elected representatives.” He referenced specific instances where BOA reportedly denied services to Christian organizations, including Indigenous Advance Ministries and Timothy Two Project International, due to their religious beliefs. In response, Bank of America has firmly denied these allegations, asserting that religious beliefs do not influence account-closing decisions. A spokesperson for the bank stated that their U.S. division does not provide services to certain businesses, such as those involved in debt collection, due to risk-related considerations, not political or religious affiliations. Bank of America applied to become a fiscal agent for Louisiana in March. The bank has countered the claims made by Fleming, asserting that they serve over 100,000 nonprofits linked to religious organizations across the country and have previously addressed these allegations with state officials.