Debanking —the nefarious practice of canceling financial services to individuals or organizations out of political favor —was rampant during the Biden Administration. Last January, the Senate Banking Committee held a hearing on the subject, highlighting some of the pejorative actions taken by financial services firms that harmed individuals.
In August, the Trump Administration issued an Executive Order (EO) titled “Guaranteeing Fair Banking for All Americans,” which sought to end the discriminatory practice. Debanking activity has been back in the news recently.
First, JP Morgan revealed that it was being investigated for shuttering accounts affiliated with conservatives or religious entities. Allegations include claims that JP would not accept large deposits from Trump Media.
The Florida AG has launched an investigation following this claim.
Defending itself, JP Morgan says it has updated its internal procedures to ensure these discriminatory practices do not take place.
Yesterday, it was reported that the White House snubbed Bank of America CEO Brian Moynihan over debanking activities. The snub was linked to a White House dinner attended by major US banks. Moynaham was not on the invitation list.
JPM CEO Jamie Dimon was not snubbed as he has mended fences with the White House.
Debanking is not just a domestic issue. In Canada, during the Trudeau administration, shuttering bank accounts was a tactic utilized to undermine dissent pertaining to his contentious policies. It was recently reported that “multiple German banks are shutting down accounts linked to AfD, now the country’s largest opposition party, without explanation, citing ‘banking secrecy.”
AfD is a rising political party that focuses on immigration policies and more traditional values. Some claim the group has affiliated itself with extremist elements in the country, yet AfD’s popularity is on the increase. As of November 2025, polls in Germany indicate that AfD is now tied with Chancellor Merz’s conservative CDU/CSU administration for first place.