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The Department of Justice has issued subpoenas to several of the nation’s largest banks as part of an expanding investigation into whether financial institutions improperly closed customer accounts because of political or religious views, according to reporting from The Wall Street Journal.
The subpoenas were reportedly issued by the U.S. Attorney’s Office for the District of Columbia under Jeanine Pirro and seek records from JPMorgan Chase, Bank of America and Wells Fargo.
Federal prosecutors are reportedly requesting information about customers who may have been “debanked,” including records explaining why accounts were terminated.
According to people familiar with the matter, investigators are examining whether the banks’ actions violated the Financial Institutions Reform, Recovery and Enforcement Act of 1989, a law commonly used in major financial misconduct cases.
The probe marks a significant escalation in a broader effort by President Donald Trump and his administration to investigate allegations that banks discriminated against conservatives and religious organizations.
The president has repeatedly claimed financial institutions denied him services after he left office following the Jan. 6, 2021, Capitol riot. He has argued that some banks made politically motivated decisions rather than relying solely on financial risk assessments.
In 2025, Trump signed an executive order titled “Guaranteeing Fair Banking for All Americans,” directing federal regulators to examine allegations of “politicized or unlawful debanking” and refer possible violations to the Justice Department.
The Office of the Comptroller of the Currency has also been reviewing the issue. In December, the OCC said preliminary findings suggested some banks may have made inappropriate distinctions involving certain industries and activities, though the review remains ongoing.
Banks involved in the investigation have denied closing accounts because of political or religious beliefs.
Financial institutions have maintained that account closures are tied to anti-money laundering rules, fraud prevention requirements, sanctions compliance and broader risk-management obligations. Banks also argue they generally retain discretion over which customers they serve.
The investigation comes as President Trump and Trump-affiliated entities continue litigation against multiple financial institutions over past account closures.
The president sued JPMorgan Chase earlier this year, alleging the bank improperly terminated his accounts for political reasons. Trump-affiliated businesses have also pursued legal action against Capital One over the closure of hundreds of accounts. No criminal charges have been filed.
