The U.S. Justice Department has reportedly sent subpoenas to several of the country’s largest banks, including JPMorgan Chase (NYSE:JPM) and Bank of America (NYSE:BAC), over allegations of politically motivated account closures.

Other banks under investigation include Wells Fargo (NYSE:WFC).

Some of the subpoenas were issued to the banks last year by the U.S. Attorney’s Office in Washington, D.C., led by Jeanine Pirro. The probe is focused on claims that these banks have “debanked” clients, meaning they have inappropriately closed customer accounts due to political reasons, the Wall Street Journal reported on Wednesday.

The subpoenas require banks to identify individuals whose accounts were allegedly closed and explain the reasons behind those account closures.

This move is part of President Donald Trump's broader push to investigate claims that banks are discriminating against conservatives and politically sensitive industries. In August, he ordered regulators to examine these allegations and impose penalties if necessary.

Previously, the Office of the Comptroller of the Currency (OCC) handled most of the review process, but Trump's executive order shifted oversight by requiring regulators to escalate certain cases to the attorney general when needed.

The OCC and the U.S. Attorney's Office are jointly investigating whether banks may have broken laws, potentially including the 1989 Financial Institutions Reform, Recovery and Enforcement Act.

The Department of Justice, JPMorgan Chase, Bank of America and Wells Fargo did not immediately respond to Benzinga‘s request for comments.

Trump’s $5 Billion Suit Looms Large

This probe comes in the wake of a lawsuit filed by Trump against JPMorgan Chase in January, seeking $5 billion in civil damages for alleged politically motivated account closures. The lawsuit claims that the bank severed a long-standing relationship based on political motivations rather than financial risk.

The OCC said in December that it had found preliminary evidence that nine major U.S. banks, including JPMorgan Chase and Bank of America, may have improperly denied services to politically sensitive industries such as oil and gas and firearms. Comptroller Jonathan Gould criticized the banks, saying they may have misused their market power and government-granted charters through such policies.

JPMorgan’s Shift On Debanking Claims

JPMorgan initially refuted these allegations, stating that the lawsuit does not apply to federally regulated bank executives acting in their official capacity. The bank also argued that the plaintiffs failed to provide enough evidence to support their claims and did not clearly explain the alleged blacklist.

However, the Jamie Dimon-led bank later acknowledged that it closed bank accounts linked to Trump and his businesses following the January 6, 2021, Capitol riot. As per a court filing, JPMorgan’s former chief administrative officer, Dan Wilkening, confirmed that in February 2021, the bank informed Trump-associated entities that accounts in its private and commercial banking divisions would be shut.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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