The White House is preparing to confront banks for allegedly terminating customers based on political affiliation, with President Trump accusing JPMorgan and Bank of America of discrimination against him and his supporters. Under the Biden administration, regulators scrutinized banks' decisions related to reputational risks, especially those affecting Trump amid legal issues. Despite the pressure, JPMorgan continues its relationships with Trump family members and campaign accounts. Banks contend that any issues regarding 'debanking' should be addressed to regulators, who create stringent rules that affect their operations.
Banks, including JPMorgan and Bank of America, were accused of dropping customers for political reasons, particularly those associated with Donald Trump and his supporters.
Regulators during Biden's administration focused on banks' decisions influenced by reputational risks, especially concerning dealings with Trump amid his legal challenges.
Despite the scrutiny, JPMorgan maintains banking relationships with the Trump family and supports various campaign accounts associated with Trump, reflecting a complex dynamic.
Banks argue that complaints about 'debanking' should be directed at regulators, citing that strict rules and supervisory pressures hinder their operational choices.
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