The American Conservative Values ETF (NYSE:ACVF) has liquidated its holdings in Wells Fargo & Company (NYSE:WFC) and U.S. Bancorp (NYSE:USB), adding both banks to its "Refuse to Buy" list following an Oct 14 report by the Office of the Comptroller of the Currency (OCC).
The OCC found that all nine major banks reviewed had policies between 2020 and September 2025 that could influence restrictions on financial services based on customers’ political or religious beliefs or lawful business activities. ACVF said the findings reinforced concerns it had raised in shareholder proposals targeting both banks.
With the latest move, ACVF now boycotts four of the five largest U.S. banks covered by the OCC review, including JPMorgan Chase and Bank of America, which it added to its boycott list in 2020 and 2021, respectively. The ETF said divestment remains its primary tool for holding companies accountable.
QUICK CONTEXT: ACVF Uses Divestment to Push Corporate Accountability
Launched in 2020, the American Conservative Values ETF seeks to align its investments with conservative values. The fund combines stock selection with shareholder advocacy, including proposals addressing corporate diversity, equity and inclusion programs, political speech, technology companies’ restrictions on users and the potential impact of artificial intelligence on religious and political expression.
ACVF has previously filed shareholder proposals at Wells Fargo and U.S. Bancorp seeking greater transparency into how their boards oversee potential discrimination against customers based on political or religious views. The fund’s latest decision reflects its stated preference for selling holdings when it believes corporate policies conflict with its principles.
The OCC’s findings put banking policies around reputational risk and customer access under renewed scrutiny. The regulator said broad, subjective reputation-risk policies could disadvantage customers based on their beliefs or lawful business activities.
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