An article summarized by Reuters:
The U.S. Department of Justice has reportedly issued subpoenas to several major banks, including JPMorgan Chase, Bank of America, and Wells Fargo, as part of an investigation into whether customers were improperly denied banking services for political reasons. The subpoenas, some of which were issued last year, were sent by the U.S. Attorney's Office in Washington, D.C., led by Jeanine Pirro.
According to reports, prosecutors are seeking records related to individuals who may have been "debanked", a term used when banks close accounts or deny services to customers. The Justice Department is asking banks to provide lists of affected customers and explanations for why their accounts were closed. The investigation appears focused on whether political beliefs or affiliations played an improper role in those decisions.
The probe comes amid broader scrutiny of the banking industry and follows efforts by President Trump to address concerns about debanking. Trump previously signed an executive order directing regulators and financial institutions to ensure customers were not being denied banking services based on political viewpoints or involvement in controversial industries. Regulators have also found that some of the nation's largest banks previously imposed restrictions on certain customers and sectors, fueling debate over the role banks should play in determining who can access financial services.
