WASHINGTON, DC — October 23, 2026 — The American Conservative Values ETF (NYSE: ACVF) announced that it has liquidated its holdings of and initiated a “Refuse to Buy” rating on Wells Fargo & Company (NYSE: WFC) and U.S. Bancorp (NYSE: USB) following the Office of the Comptroller of the Currency’s findings on politicized debanking. Denying Americans access to financial services because of their beliefs or lawful business activities is unacceptable.
In its October 14 report, the OCC found that all nine major banks reviewed, including Wells Fargo and U.S. Bank, maintained policies between 2020 and September 2025 that could require, encourage or otherwise influence restrictions on financial services based on customers’ political or religious beliefs or lawful business activities. The regulator also found that broad, subjective reputation-risk policies disadvantaged Americans based on their views or lawful businesses. Comptroller Jonathan V. Gould called the findings “irrefutable evidence” and said that, notwithstanding steps the largest banks have taken, “I am not confident that they will be enough.”
Since its launch in 2020, ACVF has boycotted as many of the companies it believes are hostile to conservative values as it can and has managed the resulting risk. ACVF believes denying companies capital is a powerful and immediate impetus for management to focus on the business, which makes divestment its primary tool. For companies it owns that are of concern, its shareholder advocacy targets corporate initiatives that appear to serve interests other than those of shareholders.
These findings reinforce concerns ACVF raised in its shareholder proposals Report on Risks of Politicized De-banking, filed at Wells Fargo in 2024 (pages 137–139) and U.S. Bancorp in 2025 (pages 83–85). Each proposal asked the board to report on how it oversees discrimination against customers based on political or religious views. ACVF has also filed shareholder proposals on the costs and benefits of corporate DEI programs, executive political speech, tech companies denying or restricting service to users, and the risk of AI narrowing religious and political expression.
“For years, we have used our voice as shareholders to demand transparency and accountability. After the OCC’s findings, we cannot in good faith continue investments into these two banks with our shareholders’ money,” said Bill Flaig, CEO and Co-Founder of ACVF. “Americans should never have to pass a political or religious litmus test to open a bank account, obtain financing or operate a lawful business. Wells Fargo and U.S. Bank have exhausted our patience. We are liquidating both companies from our portfolio.”
“Access to banking is essential to participating in the American economy. Using it to punish lawful beliefs is an abuse of the power their shareholders gave them,” said Tom Carter, President and Co-Founder of ACVF “Shareholders can take it back.”
Wells Fargo and U.S. Bancorp join ACVF’s published boycott list, Companies We Refuse to Own, which has named JPMorgan Chase since October 2020 and Bank of America since August 2021. Of the five largest U.S. banks in the OCC’s review, ACVF now boycotts four.
About ACVF
The American Conservative Values ETF (ACVF) is based on the conviction that politically active companies negatively impact their shareholder returns, as well as support issues and causes which conflict with our conservative political ideals, beliefs and values.
* The S&P 500® is a broad-based unmanaged index, which is widely recognized as representative of the equity market in general.
* As of October 21, 2026 the fund holds 0.00% of Wells Fargo and U.S. Bancorp. The fund’s holdings are subject to change. For current holdings, please visit https://acvetfs.com/fund/acv-etf-fund-data/#holdings
* The 38 companies that are currently excluded from the portfolio represent approx. 29% of the S&P 500®.
* For current holdings, fund factsheet and more information, please visit www.acvetfs.com
To schedule an interview with Mr. Flaig or Mr. Carter, please contact: [email protected]
Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s prospectus and Summary Prospectus, which may be obtained by visiting ACVETFS.com. Read the prospectus and Summary Prospectus carefully before investing.
An investment in the Fund is subject to risks, including the possible loss of the principal amount invested. Overall stock market risks may affect the value of individual securities in which the Fund invests. The Fund is actively managed, and the adviser’s investment decisions impact the Fund’s performance. The equity securities in which the Fund invests will generally be those of companies with large market capitalizations.
The ACVF Fund is distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Ridgeline Research, LLC.
SOURCE: American Conservative Values ETF
