A recent report from the Office of the Comptroller of the Currency (OCC) has revealed that four major banks—JPMorgan Chase, Wells Fargo, PNC Bank, and TD Bank—referenced the Southern Poverty Law Center's (SPLC) designations when closing accounts or denying loans to conservative and religious customers. The OCC reviewed nearly 100,000 complaints and approximately 420,000 pages of bank records.
The report found that financial institutions relied on SPLC's lists of designated "hate groups" without verifying the underlying facts. In one instance, WePay, a subsidiary of JPMorgan Chase, screened customers against terms including "MAGA" and "America First," as well as names of groups labeled by the SPLC. In July 2021, WePay closed an account that was raising funds for a Christian individual's legal challenge to anti-discrimination laws.
Similarly, PNC Bank denied a line of credit to a media company because one of its owners' foundations had funded Christian conservative groups identified by the SPLC as hate groups. A PNC employee reportedly stated that it was difficult to justify aligning with a company whose owners held views contrary to PNC's beliefs.
According to the OCC report, "mere allegations, negative press or negative reviews contributed to some banks declining to serve average Americans, even in the absence of any validation of the underlying facts or concerns." Banks cited a "reputation risk" and fear of public opinion as reasons for distancing themselves from customers with certain affiliations.
Eli Steele, in an op-ed for Fox News, argues that this practice is an exploitation of "white guilt." He suggests that the SPLC, once a legitimate civil rights organization, began manufacturing racism by expanding its definition of hate groups. The SPLC's "Hate Map" began including mainstream Christian groups, parents' associations, and conservative organizations alongside groups like the Ku Klux Klan and the Aryan Brotherhood.
Steele posits that banks, by severing ties with customers labeled by the SPLC, sought to purchase moral innocence. JPMorgan Chase is highlighted for donating to the SPLC while its subsidiary simultaneously used the SPLC's labels to close accounts. The author contends that the SPLC's "Hate Map" functions as a form of theater, where the accusation of racism, rather than proof, holds power and allows institutions to avoid the cost of challenging the SPLC's methodologies.
The OCC report, released on October 14, details these instances, providing evidence for suspicions that organizations like the SPLC have been used to influence banking decisions against conservative and religious groups. The article raises questions about accountability and what these institutions owe those who were falsely accused and denied services.