The Wall Street Journal has reported that the Justice Department has issued subpoenas to several leading banks in the U.S. This investigation focuses on allegations concerning politically charged suspensions of customer transactions, according to sources who wish to remain anonymous.
Among those receiving subpoenas are Bank of America, JP Morgan Chase, and Wells Fargo, as indicated by the report. Wells Fargo didn’t provide any comments when approached for a statement.
Neither the Department of Justice, Bank of America, nor JPMorgan Chase responded right away to requests for comment. The WSJ notes that the subpoenas are extensive, aiming to uncover whether these banks improperly closed accounts for political reasons.
The investigation appears to delve into potential violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, which deals with banking fraud, along with other regulations.
Interestingly, some subpoenas were reportedly sent out last year. In the backdrop, President Trump has raised the idea of overhauling banks, emphasizing fair banking for all Americans during discussions in August 2025.
This presidential order includes directives for federal regulators to scrutinize banks over past or present policies that might lead to account closures and to implement necessary corrective measures. The White House also stated that it would involve examining data related to supervisory actions and complaints concerning religious-based account closures, referring such matters to the attorney general.
In addition to these developments, President Trump initiated a lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, claiming $5 billion in damages. The lawsuit alleges that financial institutions closed his accounts, as well as those of some of his companies, in 2021 for political reasons.
At the time, Fox Business reported that the lawsuit made accusations of trade defamation and violating Florida’s Unfair and Deceptive Trade Practices Act, among other claims. JPMorgan Chase asserted in a statement that they believe the lawsuit lacks merit and are prepared to defend themselves in court.
The bank emphasized, “We do not close accounts for political or religious reasons. We close accounts when they present a legal or regulatory risk to the company. We regret having to do this, but often it’s dictated by rules and regulatory expectations.”
