DOJ widens probe into banks over alleged political debanking

Federal prosecutors have subpoenaed JPMorgan Chase, Bank of America, Wells Fargo and other banks in a sweeping criminal probe into whether they debanked customers for political reasons, demanding lists of closed accounts and the rationale behind closures. The investigation, led by the DC US attorney’s office, could invoke the Financial Institutions Reform, Recovery and Enforcement Act of 1989, though it remains unclear which law the banks may have violated; banks say they follow regulations and do not drop customers for politics.