Capital One has disclosed in federal court filings that it shuttered approximately 300 bank accounts belonging to the Trump Organization in 2021 following an extensive anti-money laundering (AML) review. The lender is seeking to dismiss a lawsuit filed by the organization in March 2025, which alleges that the bank closed the accounts for political reasons following the January 6, 2021, Capitol riot.
The Bank’s Defense
In its motion to dismiss, Capital One asserted that its decision was the result of “months of analysis and a careful review” by its AML team, which includes professionals with decades of law enforcement experience. The bank emphasized that it has never formally accused the Trump Organization of illegal money laundering, but noted that the transaction patterns identified in the accounts were consistent with activity flagged by federal banking guidance.
Capital One further argued that the Trump Organization’s claims of political discrimination are speculative and based on “cherry-picked quotations.” The bank maintained that it did not publicize the account closures, noting that the information only became public due to the litigation initiated by the Trump Organization. Additionally, the bank stated that it provided the organization with several months to secure alternative banking services, which the Trump Organization was able to do “promptly.”
Legal Stakes and Debanking Claims
The Trump Organization’s legal team maintains that the AML justification is a pretext for political bias. A spokesperson for the president’s legal team stated that Capital One and other major banks “de-banked” the Trump family and their businesses for “blatantly political reasons.”
This case is part of a broader legal effort by Donald Trump regarding banking relationships. In January 2026, the president also filed a lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, alleging trade libel and breach of the implied covenant of good faith and fair dealing. JPMorgan has denied these allegations, characterizing the lawsuit as “threadbare.”
The debate over “debanking”—a term used to describe when banks terminate relationships with customers due to perceived financial, legal, or reputational risks—has gained significant political attention. In August 2025, President Trump signed an executive order titled “Guaranteeing Fair Banking for All Americans,” which directed federal regulators to limit examinations of banks regarding their business relationships, signaling an administration-wide focus on the practice.