Major US Banks Face Federal Probe Over Debanking Allegations (1)

Federal prosecutors are looking into whether some of Wall Street’s biggest lenders illegally dropped customers for political reasons, according to a person familiar with the probe.

The investigation into “debanking” allegations is being handled by Jeanine Pirro, the US Attorney in Washington, said the person, who asked not to be identified because the probe is confidential. The Wall Street Journal reported earlier Wednesday that Pirro had sent subpoenas to lenders including JPMorgan Chase & Co. and Bank of America Corp.

President Donald Trump has repeatedly criticized debanking and signed an executive order in August to stamp out the practice. ...