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Warren says Trump was “real problem” when Bofa criticized Debanking customers

Donald Trump and the Republican Party have a sudden new ally in pushing them to “Debanking”: Elizabeth Warren.

The Democratic Senator of Massachusetts explained its support for the well -known issue during the Senate Banking Committee’s hearing on Wednesday when he praised the president to confront the CEO of Bank of America (BAC) BRIN Mounenhan last month.

“Donald Trump was in a real problem when Bank of America criticized his exciting practices,” Warren said in her opening comments.

The confrontation that Warren referred to at the World Economic Forum in Davos, Switzerland, came, where Trump told Moinhan, “I hope you open your banks to the conservatives because what you do is wrong.”

Warren added that the big banks on Wednesday “may take shortness when it comes to assessing risk rather than investing time and resources to determine the real criminal risks and close these accounts.”

American Senator Elizabeth Warren. Reuters/Nathan Howard · Reuters / Reuters

The claim that large banks have been distinguished against some clients gaining a new vision as the Republican Party pressures the legislation that would determine better when banks can refuse to serve. The encryption industry has joined an invitation to make changes after the allegation that digital asset companies had unlikely to have rejected banking services in recent years.

Bank of America as well as JPMorgan Chase (JPM), including the CEO of Jamie Dimon, denied that they are photographing customers on the basis of their personal or political views.

What Damon and other bankers argued is that the US bases such as the bank’s secret law inhibits banks from dealing with customers who are considered highly dangerous-and that there must be a clearer organization on this front.

Under the banking confidentiality and anti -money laundering laws, American banks must monitor customer transactions and report them to help prevent money laundering, fraud and other financial crimes.

JPMorgan Chase CEO and Chairman Jimmy Damon is creating during the supervision of the Senate Housing and Housing Committee in the Senate and the United States in Wall Street companies, in Capitol Hill in Washington, December 6, 2023. Reuters/Evelyn Hokashtein
JPMorgan Chase CEO and Chairman Jimmy Damon. Reuters/Evlin Hakstein · Reuters / Reuters

In practice, these large banks mean tens of thousands of activity reports suspicious of customers every quarter to the government. Since it may hinder the application of the law if something illegal occurs, banks are not specifically allowed to alert customers when one of these reports is submitted.

When the lender does not dismantle a high -risk customer and illegal activity, banks face severe penalties through fines and a possible reduction in the degree of supervisory classification.

“We agree with President Trump’s diagnosis of a lot of curvature as a result of the anti -money laundering system and” reputable risks “managed by federal banking agencies where certain types of customers are appointed as” high risks “,” Greg Bayer, CEO and said the group of a group Banking Bank of the Bank Group in a statement last month.

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