Morning Wire Bank Cancels Religious Non-Profit & New Tax Rules | 12.26.22
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Dec 26, 2022 Chase Bank faces backlash for closing the account of a religious non-profit, raising concerns about political bias in banking. New IRS regulations are on the horizon, affecting side hustles and cash payment platforms like Venmo. Meanwhile, European countries brace for winter blackouts, highlighting their struggle with renewable energy strategies. The podcast dives into the complexities of emerging tax laws and the unintended consequences they may have for small businesses.
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Chase Bank Closes Brownback's Nonprofit Account
- JPMorgan Chase Bank closed the account of Sam Brownback's religious nonprofit.
- The bank offered reinstatement if the organization provided donor information.
Chase Bank's "Red Dotting" System
- Chase Bank uses an internal process called "red dotting" to flag clients deemed reputational risks.
- This practice allows Chase to avoid business with certain clients without providing specific explanations.
Chase's Attempt to Cancel General Flynn's Cards
- In 2021, Chase attempted to cancel General Mike Flynn's credit cards, citing reputational risk.
- Following public backlash, Chase claimed the cancellation was an error.