Justice Department Subpoenas Banks Over Political Account Closures

Key facts

• The Justice Department is investigating allegations that major U.S. banks improperly closed customer accounts for political reasons.
• Subpoenas have been issued to JPMorgan Chase, Bank of America, and Wells Fargo.
• The investigation seeks to determine if partisan motivations influenced account closures.
• The subpoenas request lists of 'debanked' individuals and reasons for closure.

The U.S. Justice Department has issued subpoenas to major banks, including JPMorgan Chase and Bank of America, as part of an investigation into whether customer accounts were improperly closed for political reasons. The subpoenas, some dating back to last year and issued by the U.S. Attorney's Office in Washington, D.C., also seek information from Wells Fargo. The inquiry aims to determine if partisan motivations influenced these account closures, a practice sometimes referred to as 'debanking.'

This investigation adds to pressure on the banking industry, following an executive order signed by President Donald Trump last year directing financial institutions to ensure they were not denying services based on controversial industries. A review by the Office of the Comptroller of the Currency had previously indicated that the nine largest U.S. banks had, at times, restricted financial services.