Damn, we ain’t even know banks were discriminating against funds these days!!!
According to NBC News:
Chanel Preston knows not everyone approves of her chosen profession. That’s one of the risks that go with being one of the biggest stars in p*rn. But she never thought it would affect her ability to open a bank account. Preston recently opened a business account with City National Bank in Los Angeles. When she went to deposit checks into the account days later, however, she was told it had been shut down, due to “compliance issues”.
She found the manager she had originally worked with and asked what had happened. The bank, she was told, was worried about the Webcam shows she had on her site and had revoked the account. (City National declined to comment on Preston’s accusations and on whether it had any policy regarding accounts tied to the p*rn industry.)
Preston is hardly the only p*rn star who has had trouble with the banking industry. Several performers and p*rn insiders (who were afraid to go on the record due to possible repercussions from their banks) said they have been denied accounts from a variety of financial institutions. “The people within my [local] bank have urged me to downplay the nature of my business because corporate frowns on it,” said one long-time industry veteran.
The issue seems to be reaching a boiling point, though. Earlier this week, Marc Greenberg, founder of the soft p*rn studio MRG Entertainment, filed suit against JPMorgan Chase in Los Angeles Superior Court, alleging the bank violated fair lending laws and its own policy for refusing to underwrite a loan for “moral reasons”.
Greenberg says he was approached by a representative of the bank about refinancing an existing loan. But once he started the process, he says he saw repeated delays for four months. That’s when he said he reached out to a JPMorgan vice president for an explanation.
The vice president “was evasive in his response to plaintiff’s application status requests and finally informed plaintiff during a telephone conversation that plaintiff’s loan application was refused due to ‘moral reasons,’ because of JPMorgan’s disapproval of plaintiff’s former source of income and occupation as an owner of a television production company that produced television programs that dealt with the subject of human sexuality,” the complaint reads.
Interesting…thoughts on this???
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