President Trump has filed a lawsuit against Capital One, alleging the bank illegally closed his accounts for political reasons following the January 6 Capitol attacks. Trump also has a separate lawsuit against JPMorgan Chase seeking $5 billion in damages over similar debanking allegations. Both banks have denied that account closures were politically motivated.
In its court filing over the weekend, Capital One disclosed that it closed Trump’s accounts in 2021 after its anti-money laundering team flagged financial activity displaying characteristics consistent with money laundering concerns. The bank stated the decision resulted from months of analysis conducted in accordance with bank policies and regulatory guidance. Capital One emphasized that it did not publicize the termination decision or its internal review process, and it allowed Trump several months—with extensions granted—to establish banking relationships elsewhere.
Trump’s legal team rejected Capital One’s characterization, with a spokesperson stating that the bank debanked Trump, his family, and his businesses “for blatantly political reasons” and asserting the lawsuit holds Capital One accountable for what they describe as “disgraceful conduct.” In an amended complaint filed last month, Trump’s lawyers introduced allegations that the debanking was politically motivated, which Capital One argues rests on “cherry-picked quotations.”
The dispute reflects broader conservative allegations of political debanking. Trump signed an executive order in August 2025 titled “Guaranteeing Fair Banking for All Americans,” directing federal regulators to cease examinations of banks regarding their customer selection practices. The Trump administration has also subpoenaed records from major banks as part of an investigation into alleged debanking practices. Trump maintained more than 300 accounts with Capital One across various Trump-branded enterprises before the closures.
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