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

Prosecutors from U.S. Attorney Jeanine Pirro's Washington, D.C., office have subpoenaed several of the country's largest banks — including JPMorgan Chase, Bank of America, and Wells Fargo — demanding lists of customers whose accounts were closed and the reasons for those closures, according to multiple sources familiar with the matter. The criminal probe is being conducted under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, a broad fraud statute with a 10-year statute of limitations that was previously used against banks following the 2008 financial crisis. Pirro's office launched the investigation independently, without a referral from the Treasury Department's Office of the Comptroller of the Currency, though the two offices are now reportedly coordinating. The OCC's December preliminary report found that nine major banks had made 'inappropriate distinctions among customers' in industries including oil and gas, coal, firearms, and adult entertainment between 2020 and 2023. The banks deny any wrongdoing, maintaining that account closures are driven by anti-money-laundering rules and regulatory risk considerations rather than political or religious views. The probe intersects with President Trump's personal lawsuits against JPMorgan Chase and Capital One, and his August executive order directing regulators to examine potential violations of the Equal Credit Opportunity Act. Critics of the investigation, including at least one source close to the situation, have characterized it as politically motivated, while JPMorgan acknowledged in court filings earlier this year that it did close accounts linked to Trump and his businesses following the January 6, 2021, Capitol attack.