The Council on American-Islamic Relations (CAIR), the largest Muslim civil rights and advocacy organization in the nation, today welcomes Senator Elizabeth Warren (D-MA) and Rep. Ilhan Omar’s (D-MN) letter to Treasury Secretary Janet Yellen, Federal Reserve Board Chair Jerome Powell and other regulatory leaders demanding American Muslims get fair and equal access to banking.
SEE: Lawmakers urge financial regulators to take action on banking discrimination
This letter requests responses within 30 days regarding measures taken by banking regulators to prevent discriminatory closures of accounts, updates in regulatory guidance to deter over-enforcement of U.S. sanctions, and plans to address financial services de-risking. The letter requests the Treasury to define “ordinary resident” in sanctioned countries to avoid misunderstanding and regulations on using artificial intelligence to judge people based on their name or background. Additionally, it inquires about strategies to ensure charities aren’t automatically seen as carrying undue risk when they’re transparent about their procedures. The letter seeks clarification on the potential impact of granting license authorization for personal banking transactions in foreign countries and inquires about the Treasury’s strategies to reduce unfair scrutiny by financial institutions based on personal characteristics.
“We write to request an update on your work to modernize sanction policies and anti-money laundering/financial crimes compliance (AML/FCC) obligations to protect and promote equitable banking access for Muslim Americans and immigrant communities. Countless U.S. individuals, businesses, and charities have been victims of discriminatory policies and practices that appear to limit their access to financial services because of their religion or national origin. ‘
…. It is undoubtedly in the national interest of the United States to ensure the transmission of such funds go through formal, regulated, and transparent channels. The federal government must step in to halt and reverse these discriminatory actions that are directly tied to federal restrictions.”
In a statement, CAIR Deputy Executive Director Edward Mitchell said
“Discrimination against Muslims in banking is not only unjust but also undermines the principles of equality and fairness. It’s time to put an end to this systemic bias and ensure that all individuals, regardless of their background, are treated with dignity and respect in financial transactions. We extend our gratitude to Senator Warren and Representative Omar who have demonstrated unwavering support for this crucial cause, standing up against discrimination and advocating for equal access to financial services for all.”
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CONTACT: CAIR National Deputy Director Edward Ahmed Mitchell, 404-285-9530, e-Mitchell@cair.com; CAIR Government Affairs Director Robert McCaw, 202-742-6448, rmccaw@cair.com; CAIR National Communications Director Ibrahim Hooper, 202-744-7726, ihooper@cair.com; CAIR National Communications Manager Ismail Allison, 202-770-6280, iallison@cair.com