REGULATION · US
Justice Department subpoenas major banks over alleged debanking practices
US DOJ issued subpoenas to major banks investigating alleged discriminatory account closures ('debanking'). The probe follows political pressure from lawmakers and alleged targeting of certain industries or affiliations.
WHY IT MATTERS
Enforcement signal on account termination bias. Banks must review account closure decision logs and AI systems for algorithmic discrimination; expect FCA, OCC guidance to follow. Compliance teams will face documentation requests.
Source: Reuters · 2026-06-10