DOJ Subpoenas BAC, JPMorgan, Wells Fargo in Debanking Probe

What happened

The U.S. Department of Justice has issued subpoenas to Bank of America, JPMorgan Chase, and Wells Fargo as part of a federal investigation into alleged debanking practices, according to a report from the Wall Street Journal. The probe is understood to examine whether the banks systematically denied or terminated financial services to certain customers or businesses based on non-financial criteria. No charges have been filed. All three institutions are among the largest retail and commercial banks in the United States.