Federal Prosecutors Investigating Major US Banks for Alleged 'Debanking' Based on Political Reasons

Federal prosecutors under U.S. Attorney Jeanine Pirro are conducting a criminal investigation into whether major Wall Street banks illegally terminated customer accounts based on political reasons, with subpoenas reportedly issued to JPMorgan Chase and Bank of America. This probe is separate from an ongoing Treasury Department investigation that issued a preliminary report in December finding that nine major banks, including JPMorgan, Bank of America, Citibank, and Wells Fargo, made "inappropriate distinctions among customers" between 2020 and 2023. The Treasury office reported reviewing thousands of complaints alleging debanking based on political or religious values. Trump previously signed an executive order directing regulators to examine whether banks violated the Equal Credit Opportunity Act, and he has filed lawsuits against Capital One and JPMorgan Chase for closing his accounts following the January 6 Capitol riots. JPMorgan has denied closing accounts based on political or religious reasons, though it acknowledged in a February filing that it did close some of Trump's accounts.