State Treasurer Riley Moore determined that TD shuns the oil and gas sector, based on the bank’s environmental, social and governance (ESG) policies and public statements. Moore also barred Citigroup, Northern Trust and HSBC from providing banking services in the state for the same reasons. (The Logic)

Talking point: This isn’t the first time West Virginia has cracked down on financial institutions it views as hostile towards the fossil fuel industry—a reflection of the broader ESG backlash in the U.S. In 2022, it banned Blackrock, JPMorgan Chase, Wells Fargo, Morgan Stanley and Goldman Sachs. The Bank of Montreal avoided the state’s blacklist by removing its policy restricting financing for coal companies late last year. Most firms barred by the state have denied claims they’ve boycotted the sector. TD did not immediately respond to The Logic’s request for comment. Its record on financing fossil fuel projects, however, belies claims of a boycott. TD sent a letter to Moore last month saying it was an active lender in West Virginia’s oil and gas sector, with “several billion in loan commitments” with about 20 companies that have “material operations” in West Virginia.