The U.S. Attorney’s Office in Washington, D.C., led by Jeanine Pirro, issued subpoenas to major banks including JPMorgan Chase, Bank of America and other major lenders, widening the scope. The demand seeks information on whether they engaged in alleged “debanking” of clients for political reasons. The move follows President Trump’s executive order to investigate politicized account closures.

Regulators have already received reams of data from the banks, but Pirro’s team now seeks targeted records on account‑termination decisions. Banks contend that closures follow anti‑money‑laundering and sanctions rules, not partisan bias, and point to oversight by the Office of the Comptroller of the Currency. They maintain compliance with existing legal standards. The request also covers internal communications that could reveal decision‑making criteria.

The probe could force banks to tighten onboarding procedures and expose any partisan patterns, raising the risk of litigation or regulatory penalties. Investors monitor potential hits to earnings as compliance costs climb and reputational damage looms. Justice Department involvement shifts scrutiny from supervisory review to possible criminal enforcement, underscoring heightened legal exposure for the industry. Fines could reach millions, squeezing margins.