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DOJ subpoenas major banks over alleged 'debanking', WSJ reports

The subpoenas seek lists of allegedly debanked customers and explanations for account closures as regulators examine whether banks denied services for political reasons.

  • Attorney for the District of Columbia Jeanine Pirro subpoenaed JPMorgan Chase and other major banks to investigate whether they closed customer accounts for political reasons, according to a new report.
  • Debanking typically happens when there is concern about legal or regulatory risks; the banks maintain that they do not shut down accounts for political reasons.
  • President Donald Trump previously alleged he was "debanked" for political reasons following the January 6, 2021, Capitol attack, suing JPMorgan Chase and CEO Jamie Dimon for $5 billion.
  • The Trump Organization also sued Capitol One for "unjustifiably terminating" more than 300 accounts, with Eric Trump calling the decision a "clear attack on free speech and free enterprise."
  • President Donald Trump signed an executive order in August seeking to curb "politicized or unlawful debanking," asserting that banking services should be based on material, measurable, and justifiable risks.
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DOJ issues subpoenas in 'debanking' investigation

The U.S. Justice Department issued subpoenas to major banks, including JPMorgan Chase and Bank of America, seeking information on whether they improperly closed customer accounts for political reasons, the Wall Street Journal reported Wednesday.

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Reuters broke the news in New York, United States on Wednesday, June 10, 2026.
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