US Treasury says big banks discriminated on political grounds

The US Treasury's investigation into "debanking" practices has revealed that the nation's largest banks discriminated against customers based on political considerations, according to a report by Semafor. This finding bolsters the campaign against perceived biases in financial institutions, which was initiated by former President Donald Trump last year.

Trump accused banks of discriminating against him and subsequently sued JPMorgan Chase and Capital One for closing his accounts. The report was released the day following the government's fine of Bank of America for lax money-laundering oversight, marking the third-largest penalty in Treasury history. The administration has also targeted universities and media companies, playing a central role in the Justice Department's antitrust investigation into major TV networks' temporary suspension of pooled coverage of the president.

Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.