The U.S. Attorney's Office in Washington, D.C. is investigating JPMorgan Chase, Bank of America, and Wells Fargo for allegedly closing customer accounts for political reasons. Federal prosecutors issued subpoenas starting last year to obtain lists of affected individuals and the specific justifications for their account closures.
The probe follows an executive order signed by President Trump last year directing regulators to investigate whether financial institutions are unlawfully denying services. Investigators are examining potential violations of the Financial Institutions Reform, Recovery, and Enforcement Act. While the U.S. Attorney’s office reportedly initiated the probe independently, the banks maintain they do not terminate accounts based on political or religious affiliations.