• Trump alleges that banks discriminate against him and his supporters.
• An executive order is being prepared to investigate political debanking practices.
• The order could authorize fines for banks violating consumer protection laws.
• Both JPMorgan Chase and Bank of America refute discrimination claims.
• The executive order is expected to be announced soon.

President Donald Trump has stated that he believes major banks, particularly JPMorgan Chase and Bank of America, are discriminating against him and his supporters, which he asserts has resulted in unfair treatment regarding banking services. These allegations emerged during an interview where Trump claimed that after banking with JPMorgan for years, he was told to close his accounts within 20 days despite overwhelming account balances. “They told me, ‘I’m sorry sir, we can’t have you,’” he recounted. Trump emphasized that he faced similar rejection from Bank of America, prompting him to turn to smaller banking institutions for his financial needs, with instructions to regulators on investigating such practices expected via an executive order soon, according to reports by The Hill and Reuters.

The anticipated executive order is set to direct banking regulators to assess potential violations of the Equal Credit Opportunity Act and other consumer protection laws, potentially penalizing banks for engaging in discriminatory debanking practices. The drafting of this order has raised eyebrows among critics, who suggest that Trump's actions may stem from personal grievances stemming from his business dealings, highlighting a conflict between his political role and personal interests, as noted by multiple sources, including Reuters and The Jakarta Post.

In reiterating his stance, Trump claimed that the refusals to accept his deposits indicated a broader trend of discrimination against conservatives, suggesting that the Biden administration played a role in fostering this environment. He noted, “I had hundreds of millions, I had many, many accounts loaded up with cash... and they told me, ‘You have 20 days to get out.’” Trump's persistent insistence on discrimination presents ongoing challenges to major banks that have strongly denied any claims of politically motivated account closures, stating that they operate under the constraints of regulatory scrutiny, as highlighted by Reuters and Al Jazeera.

Both JPMorgan and Bank of America have maintained that their account closure decisions are made based on sound business practices and regulatory demands rather than political affiliations. They have publicly stated, “We don’t close accounts for political reasons,” while calling for necessary regulatory reforms to address the issues at hand. The banks see banks' complaints about debanking as a result of regulatory overreach, contending that meticulous oversight can discourage banking flexibility, as explained in reports by CBS News and Al Jazeera.

With this executive order on the horizon, financial institutions are bracing for what could amount to significant regulatory changes and scrutiny from the White House. There is anticipation that the order will require comprehensive internal reviews within banks to assess compliance with these new mandates, according to information gleaned from sources, including Reuters and CBS News. These developments underscore the intricate relationship between finance and politics in the current landscape.