The U.S. government is probing JPMorgan Chase over a controversial “debanking” claim.
President Trump says the nation’s largest bank is shutting out customers with conservative ties, and the federal authorities are now on the case.
JPMorgan disclosed in a recent quarterly filing that it is “responding to requests from government authorities and other external parties regarding, among other things, the firm’s policies and processes and the provision of services to customers and potential customers.”
The bank says the investigation follows Trump’s July 18 executive order, which asked regulators to examine whether banks are using political or reputational concerns to deny service—an act the administration calls “politicized or unlawful debanking.”
Trump has repeatedly accused banks of favoring political opponents. In August, he claimed that, after leaving the White House in 2021, JPMorgan and Bank of America blocked over $1 million in his deposits because of his political stance. He even said, “I was loaded up with cash and they told me, ‘I’m sorry, sir, we can’t have you. You have 20 days to get out.’”
First Lady Melania Trump also announced that her banking account was closed shortly after the Jan. 6 Capitol riots. The former president’s criticism has spread beyond JPMorgan. Earlier this year, Trump attacked Bank of America’s CEO, Brian Moynihan, calling for banks to open their doors to conservatives.
Bank of America’s own quarterly report says it is “responding to demands and requests regarding ‘fair access to banking’” after Trump’s order. The bank has declined to comment further.
The Biden administration already faced pressure from companies in crypto and conservative‑leaning industries claiming they had been “debanked.” Industry groups argue that regulatory scrutiny of politically exposed persons can lead to clients being turned away. Former Kansas Governor Sam Brownback, a Republican, also said JPMorgan closed his account because of his conservative view; the bank has denied that.
The new executive order directs regulators to scrutinize “reputation risk” as a factor in client approval. Trump says victims of debanking suffer frozen payrolls, debt, and other financial harms. Banks that deny service on political grounds may face fines or other penalties under the order.
For now, the investigation remains open, and both JPMorgan and Bank of America are cooperating with federal regulators while the public watches for more details on how banks are handling politically sensitive accounts.
Source: New York Post
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