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Table of contents
Initiation of Investigation
Chairmen Jim Jordan (R-OH) and Thomas Massie (R-KY) are turning up the heat on banks, broadening their investigation into voluntary customer data sharing with the FBI.
On their radar are six banking giants: Citigroup, JPMorgan Chase & Co., PNC Financial Services, Truist, U.S. Bankcorp, and Wells Fargo.
Echoes of Bank of America’s Actions
Their mission?
To unveil whether these banks, in a move akin to Bank of America (BoA), offered up customers’ private financial data to the FBI in the fallout of January 6, 2021.
A specific point of interest is whether customers who made firearm purchases were unfairly targeted, or their private financial details being shared.
SEE ALSO: Big Banks, Credit Card Companies on Track to Monitor, Flag Gun Purchases
It’s a deep dive, exploring whether this information sharing might have infringed on customers’ privacy rights.
Details from the Letters
The letters sent to these banks request comprehensive details. They call for records of all communications and documents relating to the provision of financial records to federal law enforcement entities, dating from January 1, 2021, onwards.
Testimony from retired FBI Supervisory Intelligence Analyst George Hill has stoked the flames, stating that BoA had mined its customer data to generate the list of customers for the FBI.
A key excerpt:
Mr. Hill’s testimony was later corroborated by his former supervisor, Special Agent-in-Charge of the Boston Field Office, Joseph Bonavolonta. Mr. Bonavolonta testified that ‘in essence’ BoA provided an ‘aggregated . . . list of individuals that were supposedly living up in the New England area who . . . either had potentially made . . . certain credit card purchases . . . for hotel reservations or plane tickets, or potential purchases at certain gun stores’ on or around January 6, 2021. Mr. Bonavolonta also stated that the customer data was sent to other FBI field offices across the country.
The Full Letter
Implications and Future Outlook
The outcome of this investigation could have wide-ranging implications.
It could influence the interaction between financial institutions and federal agencies, potentially shaping future practices around data sharing and privacy.
As Jordan and Massie continue their probe, they underscore the necessity of congressional oversight in protecting Americans’ privacy rights.
As we continue to monitor this story, we underscore the importance of ensuring that our privacy isn’t compromised in the quest for national security. It’s a fine line, but a critical one. We’ll keep you posted as the story develops.
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