Staff Reports
RawHide Pictures says it has a smoking gun: a 2020 Bank of America letter telling the company its accounts would be closed in the middle of filming the Reagan biopic. The production says it scrambled to move money and only got its accounts restored after an appeal. Bank of America, led by Chairman and Chief Executive Officer Brian Moynihan, says it does not close accounts for political or religious reasons and won’t explain this specific case in detail. That refusal to speak plainly is the real story here.
The skinny on the RawHide claim and the bank’s answer
RawHide published a letter dated late December 2020 that warned its accounts would be closed at the end of January 2021. The company says it had to move funds to another bank — reportedly JPMorgan, run by Jamie Dimon — while it appealed, and that the accounts were later restored. Bank of America pushed back in general terms, saying it doesn’t shutter accounts for politics and noting the client had “multiple active accounts,” which the bank said undercuts the debanking charge. But the bank declined to hand over the documents or explain why the relationship was reviewed in the first place.
Why this matters: debanking, regulators, and politics
This is not an isolated gripe. Federal and state investigators have subpoenaed big banks over alleged politically motivated account closures. Regulators have flagged “reputational risk” policies as a likely culprit for banks quietly cutting off lawful customers. President Donald Trump even signed an executive order pushing for fair banking rules after concerns about politicized debanking rose to the national level. If a production making a movie about a conservative icon can be put through this, ordinary businesses and voices could be next.
Who wins when banks stay mum?
When banks hide behind vague compliance language and refuse to explain decisions, accountability dies. Bank of America’s silence hands the narrative to anyone who wants to claim bias — and that matters when the claim is about a film that celebrates a conservative president. The public deserves to know whether policy or politics drove a bank’s move, not corporate spin. Companies that rely on big banks should not have to play hide-and-seek to protect payroll and vendors while a bank conducts a “review.”
What should happen next
Action steps for transparency
RawHide should make the full letter and any appeal correspondence public so investigators and the press can judge the facts. Regulators and the Department of Justice should include this case in their reviews and either clear the air or take action. Congress should keep pressing for clear rules so banks can’t quietly silence lawful customers under the cover of “reputational risk.” If the banks want trust, they need to earn it — not dodge questions while deciding who gets to play in the public square. Americans deserve simple answers: did Bank of America de‑bank a Reagan movie or not? The people should get that answer, without the usual PR dodge.
