The photo showed a letter from Chase Bank to Lori Flynn, the wife of Gen. Michael Flynn, informing her that her credit cards were being canceled due to the "Reputational risk" she created for the company.
The State of New York enjoys regulatory power over all banks and insurers chartered or registered in the state - a considerable power when one takes Wall Street into account.
"The NRA is just bad and awful, the way they campaign against gun control. It'd be really terrible if any company suffered damage to their reputation by providing them banking or insurance services. New York would hate to see that happen."
Speaking "On the condition of anonymity," one community banker from Upstate New York told American Banker magazine that in light of the apparent "Politically motivated" nature of the DFS guidance, "[i]t's hard to know what the rules are" or whom to do business with, because bankers must attempt to anticipate "Who is going to come into disfavor with the New York State DFS" or other regulators.
While on the campaign trail in 2018, future New York attorney general Letitia James bragged that she would launch politically-motivated investigations of any bank that did business with the NRA for endangering its "Reputation," of course.
Acting Comptroller of the Currency Brian Brooks on Friday proposed a rule that would require banks to extend services and credit to any customers that pass their risk assessments.
If New York can pressure banks to deny service to the politically unpopular, then Florida or Texas can explicitly ban companies from doing the same.
https://www.revolver.news/2021/09/general-michael-flynn-chase-bank-reputational-risk/
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