The former British politician who pioneered Brexit and recently became embroiled in a ‘debanking’ spat has warned that the ‘worrisome’ trend is on the rise in America.
Nigel Farage revealed he has spoken to the Trump family about the rise in ‘debanking’ in the US after a conservative Christian charity supporting impoverished Ugandans was revealed to have had its account closed by the Bank of America (BofA).
Often referred to as ‘Mr Brexit’ and a close ally of the ex-president, Farage was at the center of global headlines when his account at private bank Coutts was closed due to his politics.
He told DailyMail.com: ‘The situation in America is absolutely as bad as it is in Britain.
Banks have become political campaign organizations. Unless you have an awake view of the world, you run the risk of it happening to you.’
Nigel Farage, often referred to as ‘Mr Brexit’ and a close ally of the former president, has warned that ‘debanking’ is as common in America as it is in Britain. He is pictured with Trump in 2016
He added, “I’ve talked to the Trump family about this.”
Historically, the term “debanking” has referred to cases where banks restrict financial services to companies that they judged to be at risk of money laundering.
But companies are increasingly being accused of closing accounts for companies with controversial views on reputational anxiety.
Farage – who now plans to form a British lobby group to tackle the debanking issue – said he had heard from prominent Republican figures whose accounts had been closed in the US.
He added that he plans to raise the issue with more American politicians.
This week, DailyMail.com revealed that a “debanking” spat erupted after Memphis-based nonprofit Indigenous Advance Ministries claimed their BofA account was closed because of their “religious views.”
The organization — which claims to have had a banking relationship with the Bank since 2015 — claims pro-life and anti-gay relationship values on its website. It has filed a complaint regarding the matter with the Tennessee Attorney General’s Office.
BofA strongly denies that it has “debanked” the agency because of these views, telling DailyMail.com that “religious beliefs are not a factor in an account closure decision.”
Indigenous — formerly called World Shine USA — opened a new business checking account with BofA in January before applying for two credit cards shortly thereafter.
On April 24 of this year, the bank received a letter informing it that its accounts would be closed within 30 days.
Associated accounts of partner entity Indigenous Advance Customer Center and a church operating at the same address – Servants of Christ Community dba University House of Prayer – were also closed.
BofA’s correspondence stated, “In reviewing your accounts, we have determined that you operate in a business type that we have chosen not to operate at Bank of America.”
Indigenous representatives said they “repeatedly” asked for an explanation of the closure.
On May 24, the organization received a follow-up letter stating that its “risk profile no longer aligns with the bank’s risk tolerance.”
At the time, Indigenous said it had $270,000 in its deposit account.
Associated accounts of partner entity Indigenous Advance Customer Center and a church operating at the same address – Servants of Christ Community dba University House of Prayer – were also closed.
Indigenous Advance Ministries has filed a complaint with the Tennessee Attorney General’s Office over concerns that their accounts have been closed because the bank disagrees with its “religious views.” Pictured: Indigenous founder and current board member Steve Happ in Uganda
BofA firmly denies the allegations, telling DailyMail.com that ‘religious beliefs are not a factor in account closure’
BofA’s correspondence stated, “In reviewing your accounts, we have determined that you operate in a business type that we have chosen not to operate at Bank of America.”
Indigenous representatives said they “repeatedly” asked for an explanation of the closure.
On May 24, the organization received a follow-up letter stating that its “risk profile no longer aligns with the bank’s risk tolerance.”
At the time, Indigenous said it had $270,000 in its deposit account.
Under the “Core Beliefs” tab on its website, it subscribes to a number of evangelical Christian beliefs, including that “all human life is sacred…from conception to natural death.”
It also advocates that “marriage between one man and one woman is the only proper context for sexual relations.”
Under the “Core Beliefs” tab on its website, it subscribes to a number of evangelical Christian beliefs, including that “all human life is sacred…from conception to natural death.”
Bob Phillips, left, is the current Board of Trustees of Indigenous Advance Ministries. Steve Happ, right, is the charity’s founder and board member. Together, the two wrote a letter to the Tennessee Attorney General’s office, fearing their bank was being written off.
It also advocates that “marriage between one man and one woman is the only proper context for sexual relations.”
A letter to the Tennessee Attorney General’s Office, signed by board members Steve Happ and Bob Phillips, read: “I am concerned that Bank of America has canceled our and our partners’ accounts because it is inconsistent with our religious beliefs. views.’
A spokesperson for BofA said the closure was related to some of Indigenous’s activities, including debt collection.
On its website, Indigenous said it is “dedicated to pursuing the collection of overdue invoices on behalf of our clients.”
Indigenous is now represented by the legal advocacy organization Alliance Defending Freedom (ADF).
Tennessee Attorney General Jonathan Skrmetti’s office has confirmed it has received the complaint and is investigating the details of the case.