https://cei.org/opeds_articles/debanking-may-be-a-problem-for-melania-trump-and-many-others/Debanking May Be a Problem for Melania Trump and Many Others
In her new memoir, former First Lady Melania Trump reveals that she was abruptly dropped by a bank with which she had a long-standing financial relationship. She also discloses that her son, Barron, was blocked from opening a new account at the same bank, the name of which she does not reveal.
It’s unclear from the memoir if the bank harbored concerns about the legality of her deposits, or if bank associates were motivated by animus against the Trump family, since banks and not required to alert customers about either of those things. But Melania believes the refusal to open an account for Barron, at least, was driven by political discrimination.
Banks, like other private businesses, have the right to refuse service to would-be customers —whether for reputational risks, financial risks, or compliance concerns. However, there is a growing sense that financial institutions are being “nudged” by state regulators to act in line with political priorities.
