U.S. Justice Department Subpoenas Major Banks in Probe of Politically Motivated Debanking

“Debanking” refers to banks closing accounts or refusing to provide financial services. On August 7, 2025, Trump signed an executive order directing regulators to investigate whether banks discriminated against customers based on their political or religious views and to refer cases to the Justice Department within 120 days, putting bank risk controls and fair access to financial services in the policy spotlight.

Media reports on June 10, 2026, revealed that the U.S. Justice Department had subpoenaed major banks including JPMorganChase, Bank of America and Wells Fargo, seeking their reasons for closing accounts and information on the affected customers. As the investigation widens, Trump is also pursuing $5 billion in damages from JPMorganChase and CEO Jamie Dimon in a lawsuit filed in January.