US Justice Department subpoenas major banks over alleged 'debanking,' source says

June 10 (Reuters) - The ‌U.S. Justice ​Department ​has issued subpoenas to major banks, including JPMorgan Chase and Bank of America, seeking information ‌on whether they improperly closed customer accounts for ⁠political reasons, according to a person familiar with the matter.

The ‌subpoenas, some dating back ‌to last year, were from the U.S. Attorney's Office in Washington, D.C., headed by Jeanine Pirro. The ​Wall Street Journal first reported the subpoenas.

They requested banks to provide lists of individuals who were ⁠allegedly "debanked," along with details explaining why their accounts were closed, the report said.

Pirro's ​office is also seeking information from Wells Fargo, the report added, citing people familiar ​with the matter.

JPMorgan did not ‌immediately respond to Reuters' request for comment. Bank of America and Wells Fargo declined ⁠to comment.

The reported subpoenas add to President Donald Trump's pressure on major banks and their regulators. Last year, he ⁠signed an executive order directing the industry to ensure it was ​not denying financial services to some controversial industries in a practice commonly described as "debanking."

The Office of the Comptroller of the ‌Currency had found in a review last year that the nine largest U.S. banks ‌had in the past placed restrictions on providing financial ⁠services.

(Reporting by Pritam Biswas, ‌Nupur Anand and ​Pete Schroeder; additional reporting by Chris Prentice; Editing by Tasim Zahid, Joyjeet Das and Deepa ‌Babington)

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