The nation's largest banks, including Goldman Sachs, JPMorgan Chase and Citi, have halted donations to political parties following last week's storming of the U.S. Capitol in Washington, D.C., by a mob of pro-Trump supporters, according to CNBC and The Wall Street Journal.
Fintechs PayPal and Stripe have also blocked payments and suspended accounts for organizations associated with Wednesday's riot, which was incited by President Donald Trump at a rally earlier that day.
Wednesday's insurrection, which resulted in the death of five people, put the Capitol on lockdown as rioters stormed the building, chanting baseless claims that President-elect Joe Biden's 2020 election victory was fraudulent.
Goldman Sachs and JPMorgan will suspend contributions to both political parties for six months.
"The country is facing unprecedented health, economic and political crises," Peter Scher, JPMorgan's head of corporate responsibility, told CNBC. "The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now. There will be plenty of time for campaigning later."
JPMorgan and Citi's political action committees raised about $900,000 and $740,000, respectively, for federal candidates in the 2019-20 cycle, according to the Journal, which cited data analyzed through Nov. 23 by the Center for Responsive Politics.
Citi will pause all political donations through March 30, according to an internal memo seen by the Journal.
"We want you to be assured that we will not support candidates who do not respect the rule of law," the bank said in a memo sent Sunday.
Outgoing Citi CEO Michael Corbat last week said he was "disgusted" by the events at the Capitol, joining a chorus of major bank CEOs, including JPMorgan's Jamie Dimon, Goldman Sachs's David Solomon, Wells Fargo's Charlie Scharf and Bank of America's Brian Moynihan, who all released statements condemning the insurrection.
"This is not who we are as a people or a country," Dimon wrote in a statement on LinkedIn. "We are better than this. Our elected leaders have a responsibility to call for an end to the violence, accept the results, and, as our democracy has for hundreds of years, support the peaceful transition of power."
Fintech firms are also reportedly taking action against groups they say violated their policies through their contributions to the violence at the Capitol.
San Francisco-based payment processor Stripe is no longer processing payments on Trump's campaign website, sources told The Wall Street Journal on Sunday.
PayPal has also closed the account held by the group Joy in Liberty, which provided $30,000 for Trump supporters to travel to D.C. on Wednesday, according to Bloomberg.
"PayPal carefully reviews accounts to ensure our services are used in line with our long-standing policy," the company told the wire service. "We do not allow PayPal services to be used to promote hate, violence or other forms of intolerance."