Old Glory Bank CEO to Testify Before Senate Banking Committee on Debanking
“We saw a market opportunity to respond to bad activity by the mega banks – debanking customers and improper sharing of customer data with the Government.”
ELMORE CITY, OK and WASHINGTON, D.C. — Old Glory Bank President and Chief Executive Officer Mike Ring has been invited to testify before the United States Senate Committee on Banking, Housing, and Urban Affairs. The hearing, titled "Investigating the Real Impacts of Debanking in America," is scheduled for Wednesday, February 5, 2025, at 10:00 AM ET in the Dirksen Senate Office Building Room, 538, and can be viewed online at the Senate’s website: United States Committee on Banking, Housing, and Urban Affairs.
This hearing will examine the practice of "debanking," where financial institutions refuse access to the financial system and its effects on individuals and businesses across the nation. The issue has gained national attention, particularly because of Operation Chokepoint 1.0, to stifle the firearms industry, and Operation Chokepoint 2.0, to stifle the legal crypto industry. The Senate Banking Committee aims to explore these concerns and determine whether there has been improper regulatory influence.
Chairman Tim Scott (R-S.C.) emphasized the importance of this hearing, stating: "This hearing will provide an important opportunity to hear directly from Americans who operate federally legal businesses and have been debanked. It will also allow the Banking Committee and the American public to learn more about whether there was improper influence by financial regulators. Debanking is unacceptable and un-American – this hearing is the first step in our efforts to hold bad actors accountable." (banking.senate.gov)
Old Glory Bank was created to be a market response to debanking. Says Old Glory Bank President and CEO, “We saw a market opportunity to respond to bad activity by the mega banks – debanking customers and improper sharing of customer data with the Government.”
At this hearing on Debanking, Mr. Ring will share his view that the answer to debanking is more banks, yet the current regulatory environment makes it too difficult to start and operate a bank.
About Old Glory Bank
Old Glory Bank is an FDIC-insured bank that offers the best mobile banking solutions for consumers and businesses, from sea to shining sea. Old Glory Bank serves tens of thousands of customers across all 50 States. Old Glory Bank is committed to protecting the Privacy, Security, and Liberty of all Americans and serving those who feel marginalized for believing in the greatness of our country. Old Glory Bank was co-founded by some of the leading voices representing freedom and patriotism, including former Secretary of Housing and Urban Development, Dr. Ben Carson; Radio and Television Host Larry Elder; country music superstar, TV host, entrepreneur, and songwriter, John Rich; and former two-term Governor of Oklahoma, Mary Fallin-Christensen. Visit www.oldglorybank.com. We Stand with You. Member FDIC.
More information about Old Glory Bank is available by contacting Ms. Jules Wortman, at jwortman@wortmanworks.com.
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