March 8, 2021

Russell C. Weigel, III, Commissioner

200 E. Gaines Street
Tallahassee, FL 32399

Dear Commissioner Weigel:

I am writing you in response to troubling reports that banks are opting to withhold financing and
services from businesses deemed unacceptable by the growing “cancel culture” movement. In
recent months, large financial institutions,1 have refused to extend financing and other services to
entities such as firearm manufacturers, energy companies and others deemed “too conservative”
or otherwise not aligned with the “woke left” vision of society. In short, “cancel culture” has
reached our financial markets and the result—arbitrary selection of winners and losers—is bad
news for our capitalist system.

Denying financing to legally operating businesses like mine operators and federal detention
providers is not a legitimate way to affect policy change in America. Moreover, the practice of
restricting banking services to sectors “woke culture” deems worthy weaponizes federally
subsidized Federal Deposit Insurance Corporation (FDIC) Insurance against the American
taxpayers—and employers—who underwrite it.

Perhaps more alarming than the inability of certain industries to get financing are the unsettling
reports that “cancel culture” has resulted in some businesses being denied access to even basic
account services.2 An American business that is unbanked is not a business at all. Ultimately, the
inability for certain industries to secure banking services will cost Americans jobs.

The refusal to extend banking services has gained national attention and has prompted the
introduction of federal legislation aimed at curbing discriminatory banking practices. However,

1
Hollie McKay; Fox News: US banks and financial institutions have been slowly severing ties with the gun industry,
published July 22, 2020, available at: https://www.foxnews.com/us/us-banks-financial-institutions-severing-ties-
gun-industry. (last accessed March 4, 2021); Lananh Nguyen; Bloomberg: Bank of America Will Stop Lending to
Private-Prison Firms, published June 26, 2019, available at: https://www.bloomberg.com/news/articles/2019-06-
26/bank-of-america-will-stop-lending-to-private-prison-companies (last accessed March 8, 2021).
2
See generally Fair Access to Financial Services, 85 Fed. Reg. 75,261, 75,264 (proposed Nov. 25, 2020).

FLORIDA DEPARTMENT OF FINANCIAL SERVICES

THE CAPITOL, TALLAHASSEE, FLORIDA 32399-0301 • 850-413-2850 • FAX 850-413-2950
March 8, 2021
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as efforts are made at the federal level to prohibit these practices, it is important that we maintain
our focus on Florida to ensure that our state financial institutions operate fairly.

Accordingly, I strongly encourage the Office of Financial Regulation to analyze whether a

Florida-chartered bank that exhibits political discrimination toward a specific industry group is
engaged in an “unsound banking practice” that merits issuance of a cease and desist order, as
provided under Section 655.033, Florida Statutes.

Politically discriminatory banking practices are harmful to the economy of our state and nation.
The banking industry has a shameful track record of denying financing to disfavored groups and
we cannot allow “cancel culture” to run roughshod over American enterprise. I look forward to
working with the Office of Financial Regulation to assess whether state-chartered banks in
Florida are engaging in politically discriminatory banking activities.

Sincerely,

Jimmy Patronis
Chief Financial Officer