The U.S. Department of Justice subpoenaed Bank of America, JPMorgan Chase, and Wells Fargo. The U.S. Attorney's Office in Washington, D.C. leads the investigation into whether banks unlawfully closed customer accounts for political reasons. Federal investigators seek records of terminated accounts and the specific justifications for those closures.
This probe follows an August 2025 executive order from President Trump regarding political discrimination in banking. Investigators are examining potential violations of the Financial Institutions Reform, Recovery, and Enforcement Act. Banks maintain that account closures result from legal and regulatory risk assessments rather than political affiliations. The inquiry increases regulatory scrutiny on internal banking practices.