Federal Prosecutors Subpoena JPMorgan, Bank of America, and Wells Fargo in Debanking Probe

Federal prosecutors have reportedly subpoenaed JPMorgan Chase, Bank of America, and Wells Fargo as part of an investigation into alleged debanking involving the three major U.S. banks. According to NS3.AI, the subpoenas request lists of individuals who were debanked and the banks’ explanations for closing those accounts. Prosecutors are examining whether the account terminations violated the Financial Institutions Reform, Recovery and Enforcement Act of 1989. No bank has been charged, and the relevant Department of Justice office has not made any public statement about the probe’s scope or timeline.