Trump says JPMorgan Chase, Bank of America rejected him as a customer
President Donald Trump said on Tuesday that two largest American banks rejected him as a customer before, and claimed that conservative customers were unfairly rejected.
Trump, CNBC’s “Squawk Box”, in a comprehensive interview JPMorgan Chase He informed him that “hundreds of millions of dollars in cash” was 20 days to move to another bank. He didn’t say when this was.
The President said he was approaching later Bank of America Trump was told that “deposit a billion dollar deposit” and could not provide an account to the bank.
“[Bank of America CEO Brian Moynihan] He said, ‘We can’t’. I finally went to small banks everywhere. I mean, I was putting $ 10 million here and $ 10 million there. “
The shares of the two banks fell more than 1% in the afternoon trade.
Some conservatives, crypto administrators and religious organizations claimed that they were unfair by the Great US financial institutions. Banks often refuse to reject customers based on political or religious beliefs, but they must comply with federal laws, including the 1970 Bank Privacy Law, and that they are facing regulatory pressure on crypto and other industries, which are considered to be higher risk for money laundering or fraud.
The issue reappeared in January, when Trump accused Moynihan of rejecting services to conservative customers.
Banks in a vineyard
The problem connects banks; Companies are even more angry while publishing complaints with their supporters. At the same time, the banks have been an important benefit of their efforts to reclaim the regulatory rules of the Trump administration in broad financial activities.
The Trump administration prepares an executive order that threatens the sector with fines if they put customers into political reasons. Wall Street Journal reported on Monday. According to the magazine, a draft version of the order asks regulators to investigate whether banks violate the laws.
A trade group for large banks, “regulatory over -access” is the main reason for the banking problem, he said.
“Banking agencies have already taken steps to address issues such as reputation risks, and we hope that any approaching order will strengthen this progress by directing the regulatory framework that leads to these concerns in the first place,” the Bank Policy Institute said to CNBC. He said.
When Trump talked about his job on Tuesday, referring to the Holding of Real Estate and Hospitality, it was not clear whether the events he described were references to personal or business accounts or both.
“Banks made a very bad discrimination against me and I was very good for the banks.” He said.
Trump said he believed that banks believed that he had rejected him and his supporters, because during the Biden administration, organizers put pressure on companies.
In a March case against Capital One, the President’s company claimed that the Bank closed more than 300 accounts in an improper account a few months after January 6, 2021’s attack on the US Capitol. The bank rejected the charges.
JPMorgan refused to target conservatives or Trump supporters for banking.
“We do not close the accounts for political reasons and accept that the regulatory change is needed desperately,” a JPMorgan spokesman said on Tuesday. He said. He continued: “We praise the White House for dealing with this problem and we look forward to working with them to do this right.”
A Bank of America spokesman refused to comment.
