Major U.S. banks closed accounts due to reputational risk, not politics, sources say. Trump accuses JPMorgan and Bank of America of discrimination. Bank rules under Biden administration force consideration of reputational risk. Banks cautious of servicing individuals facing legal issues. Regulators directed to stop considering reputational risk when examining banks.

Trump’s criticism of banks echoes complaints of “debanking” from Republicans. Trump organization sued Capital One for closing 300 accounts. Banks deny services to gunmakers, fossil-fuel companies aligned with political right. Trump previously blasted banks for debanking at Davos gathering. Conservatives like Sam Brownback also debanked, JPMorgan denies political motivation.

Banks plan to push government to clarify anti-money laundering laws. Trump supporters stormed Capitol led to Capital One closures. Trump criticized banks for debanking at Davos. NLPC raises debanking concerns with BofA and JPMorgan. Bank supervision limits explanations to clients. Chesser urges transparency in de-banking process for clients.

Read more at Yahoo Finance: US lenders weighed reputation rules, not politics, in closing accounts, sources say