A complete of 5 US lenders are actually accused of abruptly terminating financial institution accounts for political causes, because the Trump household ramps up its conflict with US banking powerhouses.
In a brand new interview with Fox Enterprise, Eric Trump alleges JPMorgan Chase, Financial institution of America, Capital One, TD Financial institution and First Republic all abruptly shuttered his household’s accounts whereas going through stress from the Biden administration.
“The authorized regulation fare from the Biden administration is unbelievable. That doesn’t imply banks ought to cancel folks due to political beliefs. That’s what Capital One did. Chase did the identical factor. Financial institution of America did the identical factor. TD did the identical factor. First Republic did the identical factor to us…
I by no means thought I’d fall into the world of crypto till each financial institution began canceling us for no cause in any respect aside from my father is in politics. They got here after us viciously.”
Final month, the Trump group launched a lawsuit in opposition to Capital One over the alleged terminations, and Eric says the Trump household plans to carry the entire banks accountable.
“The weaponization is actual. It has to cease. You may’t have banks decide who they’re going to lend to, who they’re going to service in the US of America due to political affiliation.
We had been focused. We’ll maintain the banks accountable.”
Capital One denies the allegations and says it doesn’t shut accounts for political causes.
Weeks earlier than taking workplace, President Trump publicly blasted Financial institution of America and Chase over account terminations, alleging that “many conservatives complain that the banks usually are not permitting them to do enterprise.”
In March, JPMorgan Chase CEO Jamie Dimon acknowledged US banks typically push folks out of the system, pointing the blame at unclear federal anti-money laundering guidelines.
Dimon says Chase doesn’t shut accounts based mostly on clients’ political or spiritual beliefs, blaming regulatory pressures for such account terminations.
Financial institution of America has additionally beforehand denied debanking clients over their spiritual or political affiliations.
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