Deny banking services or lose access to their account because of their values

#26
#26
"I'm broke, I'm unemployed, and no bank wants to do business with me. It must be because I voted for Trump and now I'm gonna sue the bank..."
 
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#27
#27
Drewbydoo said:
If passed, it will not allow big corporate banks to discriminate against citizens for their religious or political views. No person or entity should be denied banking services or lose access to their account because of their values.

Hopefully Tennessee will pass this bill (HB 2100) today because if not people could lose access to their bank accounts based on some type of social media score.

CHINA is already doing this.

If it doesn't pass, it would set a precedent that would ultimately allow for Artificial Intelligence to evaluate some kind of "social score" and then adjust your access to your money and/or the interest rates offered to you on future credit approval. China is already doing that.

That bill is being evaluated in Tennessee today. It's a very big deal that seems to have not gained any traction nationally, which is odd and sad to me because it would afford Tennesseans a level of protection that most of the rest of the USA doesn't have.
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Based on your explanation of the law, I think I am OK with it. I think businesses should be able to discriminate, but the banks are so intertwined with the government, you kind of have to treat them accordingly. Government shouldn't be able discriminate based on religion or politics, so it's probably a good idea the banks don't either. Not positive. These are just my initial thoughts on something I just found out about.

I do think it's totally fine if a social media score is adopted, but maybe there should be transparency on that.
 
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#30
#30
BigOrangeMojo said:
"I'm broke, I'm unemployed, and no bank wants to do business with me. It must be because I voted for Trump and now I'm gonna sue the bank..."
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Did you support the Obama administration pressuring banks to cease doing business with gun shops?

Look, I'm fine with banks doing business with whomever they choose but they should be required to give you a warning and a reason when they are closing your accounts.
 
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#31
#31
n_huffhines said:
Based on your explanation of the law, I think I am OK with it. I think businesses should be able to discriminate, but the banks are so intertwined with the government, you kind of have to treat them accordingly. Government shouldn't be able discriminate based on religion or politics, so it's probably a good idea the banks don't either. Not positive. These are just my initial thoughts on something I just found out about.

I do think it's totally fine if a social media score is adopted, but maybe there should be transparency on that.
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It's not just banks. It's all financial institutions, including insurance companies....

And the next step will be all businesses...
 
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#32
#32
hog88 said:
Did you support the Obama administration pressuring banks to cease doing business with gun shops?

Look, I'm fine with banks doing business with whomever they choose but they should be required to give you a warning and a reason when they are closing your accounts.
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No. Gov't should stay the F out of those decisions...
 
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#36
#36
I like how OP cited China as an example of a country already doing this. What does that mean to use them as an example in this case? We're talking about sincerely caring about the well-being of our citizens and we don't think that's what China is about. China's government literally outright persecutes certain religions. Anecdotally, my buddy went on a Christian mission to Australia and a Chinese guy there was all but converted, but wouldn't get baptized because he was worried about what might happen to his family back in China (he came from a prominent family).
 
#38
#38
BigOrangeMojo said:
@85SugarVol

State = Supporting the state agency that ruled the baker violated the gay couple's civil rights..
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If the State told the baker not to bake the cake, and then the baker refused to bake the cake - I have a problem with it.

If the Baker, on their own, chose not to bake the cake - I have no problem with it.
 
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#42
#42
85SugarVol said:
If the State told the baker not to bake the cake, and then the baker refused to bake the cake - I have a problem with it.

If the Baker, on their own, chose not to bake the cake - I have no problem with it.
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I think you meant if the state told the baker to bake the cake but the baker refused?
 
#44
#44
NorthDallas40 said:
Since we’re allowing banks to choose who they do business with this extends to using their own risk assessments on all mortgages too right?
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That's my only point in this discussion. Banks have allowed themselves to become instruments of the state so they can't have it both ways.
 
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#45
#45
hog88 said:
That's my only point in this discussion. Banks have allowed themselves to become instruments of the state so they can't have it both ways.
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I agree with you on that. Think back to the Carter era forced mortgage rules.

The converse is also true. If a bank wants to go all in and choose to grant high risk loans to customers they think are underserved then go for it! But they own that assumed risk all to themselves then.
 
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#46
#46
NorthDallas40 said:
I agree with you on that. Think back to the Carter era forced mortgage rules.

The converse is also true. If a bank wants to go all in and choose to grant high risk loans to customers they think are underserved then go for it! But they own that assumed risk all to themselves then.
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I'm not that old.
 
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#47
#47
Banks are just 1 small piece of this. The social credit banking score is just some alt-right scare tactic just like how pedos are running Target. Banks want to make money. They don't give a F about your politics, gender, orientation as they as they can make money....
 
#48
#48
Regarding Banks, they should absolutely look at your business through a political spectrum as part of their review process. I've been told they should do their due diligence or does that not apply here?

If you are underwriting a loan abortion clinic in MS, would you approve them for a loan to expand in MS?

What about State Farm? Should they charge more for coverage on abortion building than pediatrician building? What if they don't want to write that policy?

If you are a company that supplies temp restaurant workers in CA with $22 minimum wage, would you approve them for a loan given likely automation increases?

If I wanted to expand a gun store in some uber liberal city that is planning strict bans, would you approve that loan?
 
#49
#49
BigOrangeMojo said:
Regarding Banks, they should absolutely look at your business through a political spectrum as part of their review process. I've been told they should do their due diligence or does that not apply here?

If you are underwriting a loan abortion clinic in MS, would you approve them for a loan to expand in MS?

What about State Farm? Should they charge more for coverage on abortion building than pediatrician building?

If you are a company that supplies temp restaurant workers in CA with $22 minimum wage, would you approve them for a loan given likely automation increases?

If I wanted to expand a gun store in some uber liberal city, would you approve that loan?
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All good points but that's not exactly what we are talking about. We're talking about banks closing accounts, calling loans without explanation.
 
#50
#50
hog88 said:
All good points but that's not exactly what we are talking about. We're talking about banks closing accounts, calling loans without explanation.
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We are talking about this legislation which vaguely applies to all financial institutions....
 
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