Justice Department Subpoenas 3 Major Banks Over Alleged Political Debanking
Updated
Updated · Reuters · Jun 10
Justice Department Subpoenas 3 Major Banks Over Alleged Political Debanking
3 articles · Updated · Reuters · Jun 10
Summary
Subpoenas sent by the U.S. Attorney's Office in Washington sought records from JPMorgan, Bank of America and Wells Fargo on customers allegedly denied accounts for political reasons.
The requests asked banks to identify people who were "debanked" and explain why their accounts were closed, according to the Wall Street Journal.
Some subpoenas date back to last year, tying the inquiry to a broader push by President Donald Trump, who ordered regulators and banks to curb politically motivated service denials.
That pressure followed a 2025 Office of the Comptroller of the Currency review that found the nine largest U.S. banks had previously imposed restrictions on providing financial services.
How will prosecutors distinguish legitimate risk management from illegal politically-motivated 'debanking' in court?
Are banks caught in a compliance trap between preventing financial crime and new anti-debanking rules?
Federal Probe Targets "Debanking": U.S. Banks Face Scrutiny Over Political and Religious Account Closures (2026)
Overview
In June 2026, federal prosecutors launched a major investigation into leading U.S. banks over allegations of 'debanking'—the closure of accounts based on customers' political or religious beliefs. This probe follows a 2025 review by the Office of the Comptroller of the Currency, which found that the largest banks had previously restricted financial services. The Justice Department has issued subpoenas to several banks to determine if these actions were improperly motivated. At the same time, regulators have stopped using 'reputational risk' as a reason to police banks, signaling a shift toward more objective and fair banking practices.