Capital One Financial defends its decision to close the Trump Organization's accounts, citing anti-money-laundering reasons rather than political bias.
Capital One Financial defended its decision to close more than 300 bank accounts belonging to the Trump Organization, stating the move was driven by anti-money-laundering (AML) requirements rather than political bias. The bank filed a case to dismiss a lawsuit filed by the Trump Organization and Eric Trump, who argued the accounts were closed due to the bank's 'woke' beliefs following the January 6 rioters. Capital One Financial stated that the closures followed months of analysis by its AML team in accordance with regulatory guidance. The bank noted that the transaction patterns identified were consistent with activity flagged by federal banking guidance. The administration announced a move to curb discriminatory debanking, and President Trump signed an executive order in August 2025 barring such practices. This follows a lawsuit filed by President Trump against JPMorgan Chase on similar grounds. While the Trump Organization has not been formally accused of money laundering, the disclosure marks the first time a bank has formally tied money-laundering concerns to the family business.