The US Justice Department has subpoenaed large banks over allegations that they improperly closed customer accounts for political reasons.
The investigation falls under a broader crackdown on what’s commonly called “debanking” — banks cutting off customers not because of fraud or risk, but because of who they are, what they believe, or what legal industry they operate in.
A task force with teeth
In April 2025, the US Attorney’s Office for the Eastern District of Virginia launched a dedicated task force to investigate illegal debanking.
In August 2025, President Trump signed an executive order addressing debanking head-on. The order mandates federal regulators to tackle politically motivated account closures and, critically, to eliminate reputational risk considerations from regulatory guidance.
