The Fabric

Celebrating Women's Small Business Month

When Old Glory Bank’s mission began taking shape almost 4 years ago, stories of cancel-culture infecting the banking world were already multiplying. Here we are, years later, aghast at the continued increase of this outrageous trend. At times, it feels like dystopian fiction. It’s not just high-profile political figures. It’s everyday people. It’s charitable organizations that serve orphans. It’s demographic groups deemed high risk because of their religious affiliation or heritage. It’s citizens who make a legal living in an industry such as firearms retailers.

I opened my first bank account when I was 16 years old. I’d just gotten my first job at the local video store – remember those? I went with my mom to the bank on the corner, where she had accounts and a personal banker, showed them my shiny (also new) driver’s license, and opened my first checking and savings account. My banker showed me how to write a check and how to fill out a deposit slip for those paychecks because direct deposit wasn’t a widespread concept yet. It was an exciting day. It was a big deal.

Celebrating Women's Small Business Month

As I have observed, those who plow evil and those who sow trouble reap it.   -Job 4:8

TD Bank has been ordered to pay approximately $3 billion in penalties for its multi-year violations of the Bank Secrecy Act, which requires financial institutions to take regulated steps to detect and prevent money laundering. According to the charges, TD Bank allowed three major networks to illegally move $670 million through bank channels. It now holds the title of the largest bank in US history to have pled guilty to money laundering charges.

First, banks started canceling customers for what they think. If they don’t like your values, don’t agree with your faith or medical decisions, or approve of who you vote for or what you believe, banks are cutting ties, usually canceling customers without warning or explanation.

Celebrating Women's Small Business Month

Former First Lady Melania Trump sat down with Fox News’ Maria Bartiromo to discuss the impact cancel culture has had on her life, both personally and professionally, as discussed in her book. Though her experience began during her time in the White House, she emphasizes that cancel culture is still happening today. Mrs. Trump detailed multiple cancellations to which she was subjected, including measures taken by her bank and her email provider, simply because they disagreed with her political position. Beyond the personal impacts of such an action, her bank’s decision to cancel her charity impacted the children served by her organization.

Americans deserve privacy when it comes to banking and should not worrythat their bank will share their transaction data with the government simplybecause they made a purchase at a sporting goods store or bought a Bibleor an American flag. 

The landscape of small business ownership has seen a significant shift in the last decade, with women increasingly taking the helm. This trend is not just a testament to the entrepreneurial spirit of women but also a reflection of the changing dynamics of the business world. Women have always been critical to our workforce, and their talent as leaders is notable. Many female business owners shine in creativity, innovation, and compassion.