Representative Ilhan Omar (D-MN) and Senator Elizabeth Warren (D-MA) Lead Against Banking Discrimination
For years, Iranian Americans, Iranian nationals and other minority groups have been discriminated against by U.S. financial institutions who close or restrict their accounts with little to no warning. This process, which is done in an apparent overcompliance with broad sanctions on Iran, is known as “de-risking.” These incidents have been well documented, with closures […]
Sanctions Are More Important Than Your Civil Rights
By Jamal Abdi Iranian Americans who have had their bank accounts closed or who have been subjected to invasive and persistent questioning by their banks because of their Iranian heritage were dealt another blow in the effort to stop banking discrimination. Two years ago, Bank of America was sued for shutting down the bank account […]
Judge Sides with Bank of America Against Discrimination Lawsuit
San Diego, California – The Southern District Court of California issued a sweeping ruling in favor of Bank of America in the ground-breaking class action lawsuit that alleged the bank had discriminated against Iranian Americans in its efforts to comply with U.S. sanctions on Iran. While this ruling is deeply disappointing to the more than […]
Bank of America is being sued for discriminating against Iranians
The case, Nia v. Bank of America, could have a significant impact on efforts to safeguard civil rights and equitable financial access for Iranian Americans. NIAC, which has consulted the plaintiff’s legal team and worked to combat the issue of banks closing the accounts of Iranian Americans.
NIAC Letter to Chase Bank on Account Access Denial to Iranian Student
On September 1st, 2023, NIAC President Jamal Abdi sent a letter addressed to JPMorgan Chase & Co CEO Jamie Dimon to flag a concern regarding a branch of Chase Bank reportedly refusing to open an account for an international student in Illinois on the basis of their Iranian nationality. As articulated in the letter, there […]
Congress to Biden: Halt Bank Discrimination Against Iranians
Sen. Elizabeth Warren (D-MA) and Rep. Ilhan Omar (D-MN) sent a letter signed by 22 lawmakers to the White House regarding the closure of American citizens’ and permanent residents’ bank accounts on the basis of their national origin. National Iranian American Council Action was proud to endorse this letter as part of our years-long efforts to educate policymakers about the damage caused by discriminatory account closures.
Expert Panel on Ending Discriminatory Bank Account Closures
“In some cases, it is [based on] nothing, it’s basically their name, they’ve done everything correctly. They weren’t sent anything and their account was closed,” says Mehrnoush Yazdanyar, Esq. Yazdanyar was speaking on the National Iranian American Council’s expert panel exploring why banks have targeted so many individuals of Iranian heritage and other minority communities […]
Memo: Ending Discriminatory Bank Account Closures
For years, Iranian Americans, Iranian nationals and other minority groups have been discriminated against by U.S. financial institutions. Several regulations, including sweeping U.S sanctions against Iran, have led to no-notice bank account freezes and even closures, causing immense disruption to lives solely on the basis of their national heritage. These incidents have been well documented, […]
NIAC Continues to Engage PayPal and Venmo on Community’s Concerns with Account Freezes
The pervasive effect of sanctions is evident in everyday life for Iranian Americans. Stories of account freezes and bank account closures for Iranian Americans have proven all too common. One of the financial institutions responsible for many of the complaints from our members is Venmo, which routinely reviews transactions involving words with connections to sanctioned states. It is often a painful reminder of how our community has been vilified in the United States that simply using certain words associated with Iran in a transaction description could be flagged for further review or cause accounts to be frozen.
NIAC Sends Letter to Venmo and PayPal After Discriminatory Account Freezes
We write to outline our concern that Venmo and its parent company Paypal, Inc. have engaged in actions toward account holders with Iranian heritage that many in our community perceive as discrimination against their national origin or heritage. This includes freezing transactions and accounts for simple transactions involving keywords like “Iranian” or “Persian.” Additionally, we have received increasing reports that Venmo has been messaging Iranian Americans asking them to verify their identity, including by requesting copies of a government-issued ID. For those who fail to provide the information, their accounts are closed.
Forbes: Bank Of America Accused Of Discrimination Against Iranian Americans
The bank’s actions have stunned and alarmed customers of Iranian descent, according to Jamal Abdi, executive director of NIAC Action. “To be honest, it feels like a personal attack on all of us,” Abdi said.
NIAC Sends Letter to Bank of America Demanding Immediate End to Bank Account Closures
Washington, D.C. — Today, the National Iranian American Council (NIAC) delivered a letter to Bank of America CEO, Brian T. Moynihan, concerning the alarming amount of customers of Iranian descent that have contacted NIAC because they have had their bank accounts suspended or closed, and funds wrongfully withheld, without any advance notice or recourse.