Bank of America
BAC
Financials
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
CFPB/OCC $250M penalty (2023) — Bank of America illegally charged junk fees, withheld credit card rewards, and opened fake accounts without customer consent.
Bank of America provides critical financial services that enable fossil fuel expansion, including lending, underwriting, and project financing for oil, gas, and coal operations. According to a 2023 report titled "Complicit: Bank of America, Human Rights, and Fossil Fuel Expansion," the bank's financing drives climate impacts and associated human rights violations. In February 2024, Bank of America weakened its energy policy, removing explicit bans on financing new coal mines, coal-fired power plants, and Arctic drilling projects that it had established two years prior. This reversal aligns with its departure from the "Equator Principles," a set of environmental and social risk management standards for project finance. The bank's continued provision of capital and advisory services to fossil fuel companies constitutes a foundational ancillary service to the industry.
Research Sources
6 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.