The Journal. Are Conservatives Being 'Debanked'?
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Oct 20, 2025 Wall Street Journal reporter Alexander Saeedy discusses the controversial phenomenon of 'debanking,' spotlighting stories like that of Steve Happ, who claims his church’s accounts were closed due to political bias. They explore the legal implications of banks' actions and whether targeting individuals based on beliefs violates civil rights. The conversation also touches on shifts in banking practices post-2008 and the political landscape, examining how perceptions of discrimination have intensified public debates and led to significant reactions from figures like Trump.
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Mission Trip Interrupted By Account Closures
- Steve Happ received five letters from Bank of America saying his accounts would be closed within 30 days without clear explanation.
- He panicked because $270,000 was frozen and he couldn't pay employees or mission expenses.
How 'Debanking' Became Political
- 'Debanking' means losing access to a bank account or banking services and became a charged political term.
- The term moved from niche complaints to a broad conservative rallying cry against big banks.
Post‑2008 Banks Adopt Social Stances
- After 2008, banks sought reputational fixes and took stances on social issues to appear like responsible corporate citizens.
- Those changes mixed with regulatory risk assessments to justify refusing certain customers or industries.