President Donald Trump said JPMorgan and Bank of America discriminated against him and his supporters by refusing his deposits, citing political bias, according to Reuters. Speaking on CNBC, Trump accused the banks of “very badly” discriminating and claimed he was forced to spread funds across small banks after being turned away. His remarks follow reports of an impending executive order directing regulators to investigate “politicized or unlawful debanking” under the Equal Credit Opportunity Act and antitrust laws. JPMorgan said it does not close accounts for political reasons and supports regulatory reform, praising the White House's efforts to address the issue. Bank of America did not directly respond to Trump’s specific allegations. Sources said regulators under Biden’s administration pressured banks to consider reputational risks because of Trump's legal issues.
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