The U.S. Justice Department (DOJ) has issued subpoenas to several major banks to examine possible political bias in account closures. According to a person familiar with the matter, the subpoenas went to JPMorgan Chase, Bank of America and other large institutions.
Officials in the U.S. Attorney’s Office for the District of Columbia, led by Jeanine Pirro, are running the probe. They are asking banks to provide lists of customers whose accounts were closed, along with clear reasons for each decision.
The Wall Street Journal first reported the subpoenas, which in some cases date back to last year. The requests also seek information on customers who claim they were “debanked” and when those closures occurred.
Allegations Of Political Discrimination
The investigation focuses on whether banks shut accounts because of customers’ political views rather than normal risk concerns. The subpoenas extend President Donald Trump’s broader pressure on Wall Street and regulators over alleged discrimination against conservatives and other controversial sectors.
Last year, Trump signed an executive order telling regulators to ensure banks did not deny services to lawful but politically sensitive businesses. The order highlighted complaints from industries such as firearms, fossil fuels and adult entertainment that said they struggled to keep banking relationships.
In January, Trump also sued JPMorgan and CEO Jamie Dimon, claiming the bank “wrongfully closed his accounts for political reasons” after the January 6, 2021 Capitol riot. In a separate case, his family sued Capital One, alleging the bank told Trump‑linked businesses in 2021 it would close more than 300 accounts.
Banks have repeatedly said they do not close accounts for political or religious reasons. They argue that account terminations follow legal duties to monitor fraud, sanctions violations and other financial crimes.
The Office of the Comptroller of the Currency had already been reviewing “debanking” before the Justice Department stepped in. In a preliminary report, the OCC said it found early evidence that the nine largest U.S. banks had restricted services to sectors including oil and gas, coal, firearms manufacturers and adult entertainment companies.
Pirro’s office is now examining whether any closures broke federal laws such as the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, a statute often used in bank fraud cases that can bring heavy civil penalties.
As the probe continues, banks may need to search years of records and defend how they balance risk controls with equal treatment.
READ MORE: Here’s Why Oracle Stock Crashed After Earnings: Is it a Buy?
