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Federal Investigation Targets Major Banks for Political Account Closures

KVIA•Saturday, June 13, 2026 at 12:04 AM•CNN Newsource

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AI Summary

The U.S. Department of Justice is investigating whether major banks, including Bank of America and JPMorgan Chase, unlawfully closed accounts of individuals linked to the January 6 Capitol attack due to political motives. This inquiry, which could potentially lead to compensation for those affected, has been suggested by allies of former President Trump as a means to support his claims of political victimization. The investigation follows a previous proposal for a nearly $1.8 billion fund aimed at compensating these individuals, which faced bipartisan backlash. The DOJ is examining if banks discriminated against conservatives and others deemed unfavorable by the Biden administration. A federal judge recently noted the case's diminishing relevance, but the inquiry continues to highlight concerns over financial institutions' practices regarding political affiliations.

Key Details: • Investigation includes up to 10 banks, such as Bank of America and Wells Fargo. • Former President Trump claims individuals were unfairly targeted for their political beliefs. • The DOJ is looking into potential violations of financial laws by these banks. • A federal judge has expressed skepticism about the relevance of the compensation fund proposal.

politics trump investigation financial-services banks

People & Organizations

Donald TrumpTodd BlancheU.S. Department of JusticeBank of AmericaJPMorgan ChaseJeanine PirroWells Fargo

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