New York (June 20, 2024)—Financial services companies and other businesses which process payments are grappling with the repercussions of an increasingly fragmented legal landscape on abortion and LGBTQI+ rights in the US.
Two years after the US Supreme Court overturned Roe v. Wade, abortion is illegal in 14 states and counting. Meanwhile, another Supreme Court case is looming that may further restrict access to care, and future challenges are anticipated that could further imperil access. Additionally, 23 states currently limit or ban access to gender-affirming care while hundreds of public policy proposals seek to rollback access to LGBTQI+ inclusive care.
BSR is releasing a new report, Navigating Rollbacks in Reproductive and LGBTQI+ Rights in the US: A Guide for Financial Institutions, to help companies responsibly navigate instances in which US state laws are at odds with universally recognized human rights.
Healthcare bans and restrictions destabilize and complicate the operating environments for business. They also have a chilling effect on companies concerned with operating responsibly. Companies are therefore exposed to complex ethical dilemmas, such as how to comply with the law while upholding the reproductive and LGBTQI+ rights of their customers, users, and the workforce.
This groundbreaking report provides an overview of the material risks that result from failing to respect reproductive and LGBTQI+ rights and a summary of how financial institutions may be involved with human rights impacts, specifically discussing companies’ data practices, de-risking activities, lobbying efforts, discriminatory or inequitable provision of services, and handling of law enforcement data requests.
“The financial paper trail left by individuals, trusted friends or family as well as organizations providing financial or logistical support to help patients access essential healthcare services exposes them to prosecution,” said Paloma Muñoz Quick, Director, Human Rights Standards at BSR. “Financial institutions, and other companies which process digital payments, would be well advised to review their existing policies and practices, including by conducting human rights due diligence of their data collection and management practices, to safeguard the human rights of customers and workers to the greatest extent possible while complying with the law.”
"Companies should prepare for an increasingly unwieldy patchwork of state laws and regulations where existing consumer and client safeguards will be insufficient,” said Jen Stark, Co-Director, BSR’s Center for Business and Social Justice. “It’s critical for companies to understand these risks, and to utilize a consistent, thoughtful approach as they manage their response to these coordinated efforts to politicize healthcare.”
Built on a series of in-depth conversations with financial services industry experts, healthcare providers, and entities that help patients access care, BSR’s guide serves as a first ever roadmap for what the financial services sector—which is among those most exposed to the challenges of this chaotic legal and policy landscape—can do to reduce its risks, while meaningfully respecting the human rights of its most vulnerable customers, institutional clients, and other affected stakeholders.
For more information about BSR’s work to support companies to implement the UN Guiding Principles on Business and Human Rights and other responsible business conduct frameworks, visit the BSR website.
Media Contact:
David Stearns, Managing Director, BSR
dstearns@bsr.org
About BSR:
BSR is a sustainable business network and consultancy focused on creating a world in which all people can thrive on a healthy planet. With offices in Asia, Europe, and North America, BSR provides its 300+ member companies with insight, advice, and collaborative initiatives to help them see a changing world more clearly, create long-term value, and scale impact.