A conservative group issued a “woke alert” on JPMorganChase, a bank that President Donald Trump said once tried to “debank” him. 

Consumers’ Research issued its alert as Trump signed an executive order Thursday opposing debanking by any financial institution for political or religious beliefs. Debanking is a newer phenomenon where banks refuse to do business with certain clients or types of clients, often because of ideological differences.

JPMorganChase has repeatedly said that it has not denied financial services to anyone for political or religious reasons.

Trump made the comment about the company debanking him during a CNBC interview. 

“Major banks like JPMorganChase are making it crystal clear: If you hold conservative views, you’re a threat to their ‘reputation.’ When these institutions talk about reputational risk, they don’t mean the concerns of working-class Americans or Main Street businesses,” Will Hild, executive director of Consumers’ Research, told The Daily Signal in a statement. “They mean the opinions of liberal elites in Davos, Wall Street, and Hollywood.”

Multiple financial institutions have faced similar accusations.

Banks have cited “reputation risk” and not politics as their reason for debanking. However, Consumers’ Research contends that banks have only targeted conservatives. 

“This weaponization of the financial system against conservatives is not just wrong, it’s dangerous,” Hild continued. “President Trump is right to take action to put an end to this political warfare mounted by banks who have way too much power to begin with. Debanking individuals and organizations for their political or religious beliefs is un-American, and Consumers’ Research will never stand silent while powerful financial institutions try to silence hardworking Americans.”

JPMorganChase did not immediately respond to an inquiry for this story. However, a statement by bank spokesperson Trish Wexler published in other news accounts said the bank supports Trump’s new order. 

“We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed,” Wexler said. “We commend the White House for addressing this issue and look forward to working with them to get this right.”

A JPMorganChase spokesperson told The Daily Signal in February 2023, “I can tell you confidently we have never [closed], and would never close, an account due to one’s political or religious affiliation. Full stop.” 

In 2022, the bank canceled the account of the National Committee for Religious Freedom. It said the action was not related to religious or political views.

According Sen. Ted Cruz, R-Texas, JPMorganChase also admitted to pressuring Intuit into stopping gun sellers from using the company’s payment processing services. The bank disputed Cruz’s characterization of events.

Intuit, a financial software company, adopted an “acceptable use” policy that had previously listed “guns and firearm manufacturing” and “firearms and weapons sales” as two of the business types it prohibited from using its payroll services. However, in 2023, Intuit removed the prohibition on payroll and payment processing for gun manufacturers and firearm sellers. 

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