Trump's latest executive order banning 'debanking' takes aim at an industry that cheered his return [View all]
President Donald Trump made his feud with big banks official.
After making his grievances against banks clear earlier in the week, Trump signed an executive order for federal banking regulators to eliminate guidance that encourages what he calls "politicized" or "unlawful" debanking.
According to the executive order and a White House fact sheet, the order requires various federal regulators and agencies to "make reasonable efforts" to reinstate debanked customers. The Treasury Department is tasked with creating a strategy and new regulations to prevent "unlawful" debanking, while the Attorney General would oversee and investigate cases of people suspected of being debanked in discriminatory ways.
The Trump Organization and Eric Trump sued Capital One earlier this year for closing accounts in the wake of the January 6, 2021, riot. Capital One has denied wrongdoing, and litigation is ongoing.
https://finance.yahoo.com/news/trumps-latest-executive-order-banning-235157536.html
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