U.S. Attorney Subpoenas Banks Over Account Closures
The U.S. Attorney for the District of Columbia issued subpoenas to several major banks seeking records on account closures. The requests focus on whether political considerations played a role in any decisions.
The IndependentThe U.S. Attorney for the District of Columbia issued subpoenas to Bank of America, JPMorgan Chase and other large banks requesting lists of closed accounts and the stated reasons for each closure. The subpoenas seek to determine whether any closures occurred for political reasons, according to people familiar with the matter cited by The Wall Street Journal.
Banks typically close accounts when they identify legal or regulatory risks.
Chase stated they do not close accounts for political or religious reasons. They said closures occur only when accounts create legal or regulatory risk for the institution. The banks were asked to provide customer names and closure reasons as part of the inquiry.
Trump filed a $5 billion lawsuit against JPMorgan Chase earlier this year alleging political debanking after the January 6, 2021, Capitol attack. The Trump Organization also filed suit against another bank last year claiming unjustified account terminations.
