Core Viewpoint - Former President Trump accuses major banks, including JPMorgan Chase and Bank of America, of discrimination against him and his supporters, claiming they refused to accept his deposits due to political reasons [1][2]. Group 1: Allegations Against Banks - Trump claims that JPMorgan Chase and Bank of America have discriminated against him, stating that he was told to withdraw his funds after being denied service [1]. - He attempted to deposit funds into Bank of America but was also rejected, leading him to split his cash among smaller banks [2]. - JPMorgan Chase did not specifically address Trump's allegations but acknowledged the need for regulatory reform [3]. Group 2: Regulatory Actions - A draft executive order is expected to direct regulators to investigate banks for "political or illegal account closures," potentially leading to penalties for violators [5][6]. - The order may require banks to review their practices to ensure compliance with laws such as the Equal Credit Opportunity Act and antitrust laws [5]. - Analysts suggest that the White House is signaling to banks that they cannot use regulatory standards as a pretext for denying services [7]. Group 3: Reputation Risk - During the Biden administration, regulators could scrutinize banks' decisions based on reputation risk, which has been a point of contention in the industry [4]. - Banks are reportedly cautious in their dealings with Trump due to his legal issues, weighing the potential reputation risks involved [5]. - The Federal Reserve announced that it would no longer consider reputation risk in its bank examinations, a change that has been a focus of industry complaints [5]. Group 4: Industry Response - The banking industry believes that complaints regarding account closures should be directed at regulators, citing burdensome regulations as a barrier to certain business engagements [8]. - Banks are discussing the implications of the potential executive order and have been preparing for its possible enactment [9]. - There are calls within the industry for modifications to anti-money laundering laws, which are viewed as outdated and overly complex [10].