Featured Image: yourNEWS Media Illustration
Federal prosecutors are seeking records from JPMorgan Chase, Bank of America and Wells Fargo as part of an inquiry into whether customer accounts were closed because of political views or affiliations.
By yourNEWS Media Newsroom
The Department of Justice has subpoenaed several of the nation’s largest banks as federal prosecutors investigate whether financial institutions improperly closed customer accounts because of political viewpoints, affiliations or controversial industries.
The subpoenas were issued by the U.S. Attorney’s Office for the District of Columbia, led by U.S. Attorney Jeanine Pirro, according to people familiar with the matter who spoke with The Wall Street Journal. The inquiry seeks information from major lenders including JPMorgan Chase, Bank of America and Wells Fargo.
Prosecutors are examining allegations of “debanking,” a term used to describe the termination of banking relationships. The investigation is focused on whether banks cut off customers for political reasons rather than standard financial, legal or regulatory concerns.
According to people familiar with the investigation, the subpoenas seek lists of customers who were allegedly debanked and records explaining why their accounts were closed.
The inquiry is examining whether any bank actions violated the Financial Institutions Reform, Recovery and Enforcement Act of 1989, a law often used in significant bank fraud and financial misconduct cases.
The Justice Department’s involvement marks a major escalation in President Donald Trump’s broader effort to investigate claims that banks discriminated against conservatives, religious groups and politically disfavored industries.
Trump has publicly alleged that JPMorgan Chase and Bank of America denied him banking services after he left office following the Jan. 6, 2021, Capitol riot. He has said banks relied on political considerations instead of objective risk assessments when deciding whether to provide financial services.
In August 2025, Trump signed an executive order titled “Guaranteeing Fair Banking for All Americans.” The order directed federal banking regulators to investigate whether financial institutions engaged in “politicized or unlawful debanking” and to take enforcement action where appropriate.
The order also instructed regulators to refer possible violations to the Justice Department when necessary.
Before the Justice Department subpoenas, much of the federal review had been handled by the Office of the Comptroller of the Currency, which supervises many of the country’s largest banks.
In December, the OCC released preliminary findings from its review of nine major banks. The agency said it had found early evidence suggesting some institutions may have made inappropriate distinctions among customers connected to certain industries and activities. The OCC said the review was ongoing.
Banks have denied closing accounts because of customers’ political or religious beliefs. Financial institutions say account closures are based on anti-money laundering rules, fraud prevention requirements, sanctions compliance obligations and other regulatory duties intended to manage risk and protect the banking system.
Banks also argue they generally have broad discretion in deciding which customers to serve.
The investigation is unfolding as Trump and his family continue legal action against financial institutions over account closures. Trump sued JPMorgan Chase earlier this year, alleging the bank improperly closed his accounts for political reasons. Trump-affiliated businesses previously sued Capital One over the closure of hundreds of accounts.
The banks have denied wrongdoing and said their actions complied with applicable laws and regulations.
No charges have been filed.
Original article
Comments