Key facts
- Capital One closed over 300 Trump-affiliated bank accounts in March 2021.
- The bank stated the closures resulted from an anti-money laundering (AML) review by its AML team.
- The Trump Organization and Eric Trump sued Capital One in March 2025, alleging discriminatory debanking.
- Capital One argues the lawsuit's claims of political pretext are 'misguided' and lack full context.
- The bank noted transaction patterns were consistent with types of activity flagged by federal banking guidance.
Capital One Financial has responded to a lawsuit filed by the Trump Organization, stating that the closure of the family business's bank accounts in March 2021 was due to anti-money laundering (AML) concerns identified by its experts. The bank is seeking to dismiss the case, arguing that the Trump Organization's claims of illegal debanking based on political or religious grounds are "misguided."
In its filing, Capital One emphasized that the account closures followed months of analysis and a careful review by its AML team, in accordance with bank policies and regulatory guidance. The bank noted that the transaction patterns flagged were consistent with activities identified by federal banking guidance. The Trump Organization and Eric Trump had alleged in their March 2025 lawsuit that Capital One acted on "woke" beliefs and political sentiment following the January 6, 2021 Capitol riot.
This legal battle unfolds against a backdrop of President Trump's administration applying pressure on large banks, addressing conservative complaints about institutions allegedly targeting the political right. The President previously signed an executive order barring discriminatory debanking and has himself sued JPMorgan Chase on similar grounds during his second term. This situation echoes a 2019 lawsuit where Trump sued Capital One and Deutsche Bank to block the sharing of financial records with Congress.