Former President Donald Trump has publicly accused two of the United States’ largest banks—JPMorgan Chase and Bank of America—of “debanking” him for political reasons, claiming they refused to do business with him and discriminated against conservatives and his supporters.
In an interview with CNBC, Trump alleged that JPMorgan Chase had abruptly requested he close long-standing accounts within 20 days, and that Bank of America declined a request to deposit over $1 billion. While Trump did not specify when the incidents occurred, he said both actions were politically motivated.
“They totally discriminate against, I think, me maybe even more, but they discriminate against many conservatives,” Trump told CNBC. “I think the word might be Trump supporters more than conservatives.”
Trump attributed the banks’ decisions to regulatory pressure during the Biden administration, claiming regulators were directed to “do everything you can to destroy Trump.” He pointed to the administration’s earlier push for banks to assess “reputational risk” as part of their compliance reviews—a practice that has come under heavy scrutiny.
In June, the Federal Reserve announced it would scrap the “reputational risk” criterion from its examination programs following backlash over what critics call politically motivated account closures, or “debanking.” The move came amid growing concerns that some financial institutions may be using the reputational risk framework to deny services based on political or ideological affiliations.
Both JPMorgan Chase and Bank of America have previously denied making business decisions based on politics. In response to Trump’s latest claims, JPMorgan did not address the allegations directly but stated: “We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed. We commend the White House for addressing this issue and look forward to working with them to get this right.” Bank of America declined to comment.
The accusations come amid reports that the Biden administration is preparing to issue an executive order that would direct financial regulators to investigate whether financial institutions have violated anti-discrimination or consumer protection laws by dropping clients for political reasons. According to The Wall Street Journal, the order could be signed as early as this week and may authorize penalties for violations of the Equal Credit Opportunity Act, antitrust laws, or consumer protection statutes.
The broader issue of “debanking” has gained attention beyond politics. Companies in the firearms and cryptocurrency industries—including Sturm Ruger and Coinbase—have also claimed they or others in their sectors were denied banking services due to perceived reputational risks.
With the 2024 presidential election approaching, Trump’s claims are likely to further inflame partisan tensions over the role of financial institutions in political and ideological debates. Whether the forthcoming executive order will result in regulatory changes or penalties remains to be seen, but it adds another layer of complexity to the evolving relationship between politics, banking, and corporate risk management.
