Federal prosecutors in Washington, D.C., have issued subpoenas to several major financial institutions, including JPMorgan Chase, Bank of America, and Wells Fargo, as part of a criminal investigation into whether customers were denied banking services based on their political views.
The subpoenas, issued by the U.S. Attorney’s Office for the District of Columbia under Jeanine Pirro, seek records identifying customers whose accounts were closed and documentation explaining the reasons for those decisions.
Prosecutors are reportedly examining potential violations under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, a federal statute that carries a 10-year statute of limitations and has previously been used in major banking enforcement actions.
The investigation follows disclosures by JPMorgan earlier this year in court filings that it had closed accounts belonging to President Trump and several of his businesses after the Jan. 6, 2021, Capitol riot.
The investigation follows a December finding by the Office of the Comptroller of the Currency that showed some of the nation’s largest banks restricted services to customers in industries such as oil and gas, coal, firearms, and adult entertainment. Pirro’s office opened its criminal investigation independently, though her office and the OCC are now coordinating.
