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JPMorgan admits closing accounts tied to Trump weeks after Jan. 6, 2021
‘The Big Money Show’ discusses the potential fallout from President Donald Trump’s proposed credit card interest rate cap.
JPMorgan Chase Bank recently admitted it closed President Donald Trump‘s bank accounts following the Jan. 6, 2021, breach of the U.S. Capitol, a confession spurred by a $5 billion legal challenge from the president last month.
The suit, brought against the bank and its CEO, Jamie Dimon, in Miami state court, accused the financial institution of debanking Trump for political reasons.
In a new court filing, Dan Wilkening, chief administrative officer for global banking at JPMorgan, confirmed that in February 2021, the bank informed Trump and several of his hospitality companies that certain accounts would be closed.
Copies of formal letters sent by JPMorgan are dated Feb. 19, 2021.
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Marquee at the main entrance to the JPMorgan Chase Headquarters Building in Manhattan. (Erik McGregor/LightRocket via Getty Images / Getty Images)
One letter addressed to Jeffrey McConney, of The Trump Corporation, explicitly states, “JPMorgan Chase Bank, N.A. (‘we’) has decided to close its banking relationship with The Trump Corporation and its affiliated entities.”
Another letter addressed directly to Trump states, “We may determine that a client’s interests are no longer served by maintaining a relationship. … With that in mind, this letter is to respectfully inform you that we will need to end our current relationship.”
Wilkening claimed the bank handled the remaining balances in the accounts by working with Trump and his companies to move their funds to other institutions, in accordance with the bank’s standard account agreements.
Trump and his companies were given until April 19, 2021, to transfer hundreds of millions of dollars before the accounts were officially closed.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 310.79 | +2.74 | +0.89% |
TRUMP SAYS HE WILL SUE JPMORGAN CHASE OVER ‘INCORRECT’ POST-JAN 6 DEBANKING
His attorneys alleged that Bank of America later refused to accept large deposits when he attempted to bank elsewhere.
While the bank’s letters do not provide a specific reason for the closures, Trump attorneys are alleging the accounts were “unlawfully closed due to political discrimination” and that they were placed on a “blacklist.”
In an earlier filing, Trump’s attorneys noted he was a JPMorgan customer for decades, and he and his affiliated entities transacted “hundreds of millions of dollars” through the bank.
Based on account agreements JPMorgan shared with the court, the institution can justify closing certain accounts, with or without cause, and generally permit either party to terminate accounts with at least 30 days written notice.

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during the America Business Forum in Miami, Nov. 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)
The agreements also authorize closure upon written notice of specific reasons, including breach of contract, financial impairment or insolvency, legal or regulatory requirements, or activities the bank in “good faith” believes violate its policies.
JPMorgan’s policies are primarily structured around regulatory compliance and risk management, specifically anti-money laundering and anti-terrorism, government sanctions, unlawful transactions, and adherence to general legal and banking standards.
The agreements note customers must comply with all notified bank policies, and the bank reserves the right to refuse transactions, freeze funds or close accounts without further notice if it determines an activity conflicts with its policies.
Trump’s attorneys are accusing JPMorgan Chase and its CEO of trade libel, violating Florida’s unfair and deceptive trade practices act, declaratory relief and breach of implied covenant of good faith and fair dealing — demanding a jury trial.
Lawyers said they are “confident that JPMC’s unilateral decision came about as a result of political and social motivations, and JPMC’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”
“In addition to the considerable financial and reputational harm that Plaintiffs and their affiliated entities suffered, JPMC’s reckless decision is leading a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution,” Trump’s attorneys wrote in the initial complaint.
Dimon in 2025 denied that his institution debanks customers based on political views.

President Donald Trump had been a customer of JPMorgan for decades, according to the lawsuit. (Krisztian Bocsi/Bloomberg via Getty Images; ANGELA WEISS/AFP via Getty Images / Getty Images)
“We don’t debank people because of political or religious affiliations,” Dimon said on Capitol Hill Feb. 13, 2025. “But there are a lot of things that can be fixed. We should fix them. The rules and requirements are so onerous, and it does cause people to be debanked in my opinion, should not be debated.”
The Trump Organization also sued Capital One in 2025, claiming the bank in 2021 “unjustifiably” terminated more than 300 of its bank accounts, and accounts belonging to Trump family members.
At the time, a Capital One spokesperson told Fox News Digital, “Capital One has not and does not close customer accounts for political reasons.”
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JPMorgan Chase did not immediately respond to FOX Business’ request for comment.
FOX Business’ Brooke Singman contributed to this report.
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How Trump Plans to Reimpose Tariffs After Supreme Court Defeat”
In a historic rebuke of executive overreach, the U.S. Supreme Court has struck down the center-piece of the Trump administration’s trade policy. However, for Thai exporters hoping for a ‘tariff holiday,’ the victory may be short-lived. Within hours of the 6-3 decision, the White House signaled a pivot to Section 122 and Section 301 investigations—legal maneuvers designed to keep the 10% global baseline alive while bypassing the Court’s restrictions on emergency powers.
The Supreme Court’s recent ruling on tariffs has significant implications for former President Donald Trump, whose administration imposed numerous tariffs during his tenure. While the ruling may challenge certain policy actions taken under his leadership, Trump has historically been vocal about his disagreements with judicial decisions that limit executive authority. He is expected to critique the ruling publicly, framing it as an unfair obstacle to America’s economic interests. Moreover, Trump might consider legal avenues or legislative pressure to counteract the decision, emphasizing the importance of tariffs for national security and trade leverage.
Trump’s response will also likely involve rallying support from his political base, emphasizing the importance of protecting American industries. He could leverage the ruling to bolster his narrative about the need for a strong, America-first trade policy. His communication strategies may include statements highlighting the potential impacts of the decision on jobs, prices, and U.S. sovereignty.
Ultimately, Trump’s reaction will shape ongoing debates on trade policies and judicial authority. Whether he chooses to escalate criticism or seek alternative strategies, his response will influence future policy directions and the political landscape surrounding trade issues. As a prominent voice in the Republican Party, his stance could also influence the party’s approach to trade disputes moving forward.
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Los Angeles fires rebuilding struggles continue over year later amid delays
Fox News senior national correspondent William La Jeunesse reports on lingering hazards and slow recovery efforts in Los Angeles one year after deadly wildfires.
More than a year after deadly fires struck Los Angeles, residents are still struggling to rebuild their homes, citing permitting, insurance and financial gaps.
The Palisades and Eaton fires began in January 2025, and destroyed more than 16,000 homes and burned more than 38,000 acres, according to official reports.
The city of Los Angeles has received 3,561 permitting applications and has issued 1,939 permits for 844 unique addresses, as of Feb. 21, according to the LA Strong Return and Rebuild website. The data is updated hourly by the Los Angeles Department of Public Safety, according to the page.
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There are currently 1,189 applications in review and 2,372 plans approved as of Friday.
“Hundreds of homes are already under construction in the Palisades, with over 1,000 permits in the pipeline. That’s real progress — but those are people who can,” LA District 11 Councilperson Traci Park said in a statement sent to FOX Business. “Thousands of others remain displaced, faced with lingering insurance disputes and lack of access to affordable capital to rebuild.
Palisades residents such as Michelle Bitting, whose home was destroyed during the fires, say there’s a “fatigue factor” within the ongoing process.
“The minutia of what we had to navigate with just the insurance stuff was exhausting,” Bitting told FOX Business. “Just the policy details and sort of understanding all of that stuff.”
Bitting said she had a “good experience” with insurance, but they struggled to obtain a permit for their rebuild. She said she and her family were “ahead of the game.”

An aerial view of homes burned in the Eaton Fire, Jan. 21, 2025, in Altadena, Calif. (Mario Tama/Getty Images / Getty Images)
“Our trenches [were] dug, we’ve gone through two rains now, we’ve covered them, they’ve been scooped out again … They’ve been telling us any day now for two months on getting this permit,” Bitting said.
Mychal Wilson, a whistleblower attorney and Palisades resident, echoed a similar sentiment regarding the permitting process.
“Permits have been being issued, and it takes anywhere between 30 days to six months, but some of that falls on the homeowner,” Wilson said. “You go through the design, and then you say, ‘Well, wait a second. I want to increase the square footage … I think there’s that issue in the permitting process that has delayed stuff.’”
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Wilson said that they decided to expand after the fires. He told FOX Business that they submitted their plans to the city and a “soils report” and, as of Feb. 14, he anticipated that they would have their permits “within two weeks.”
The Los Angeles City Council unanimously voted to waive permit fees for residents who were affected by the Palisades and Eaton fires.
The motion, which passed Feb. 3, waives plan check and permit fees “for all structures, regardless of rebuild/repair scale, only up to the amount attributed to 110% of the original footprint.”

A view of fire-ravaged beach property overlooking the Pacific Ocean as a result of the Palisades Fire, Jan. 12, 2025, in Malibu, Calif. (Frederic J. Brown/AFP via Getty Images / Getty Images)
Part of the motion requests that the city controller establish a “Wildfire Emergency Permit Fee Subsidies, in the General City Purposes” and would “appropriate $10 million from a temporary revolving loan from the Building and Safety Building Permit Enterprise Fund,” which would then be repaid with interest.
This resolution waives fees for all structures, including single family homes, duplexes, accessory dwelling units, multifamily dwellings, and commercial properties.
In an Instagram post, Park thanked the city administrator officer for revisiting the proposal, as it was initially only meant for single-family dwellings.
NEWSOM VETOES FIREFIGHTER PAY RAISE MONTHS AFTER CALIFORNIA’S MOST EXPENSIVE WILDFIRE
“That wasn’t good enough, and we weren’t going to leave our small businesses, our renters, our seniors and our condo complexes, or our families in the mobile home parks behind,” Park said in the post.
She said the passing of this motion “[removed] the barriers that are causing so many people the inability to begin the process of rebuilding and returning home.”
“Now that recovery reports are in, we’re focused on the bigger picture work that will speed up rebuilding,” Park continued in the statement.

President Donald Trump and first lady Melania Trump tour a fire-damaged area, Jan. 24, 2025, in the Pacific Palisades neighborhood of Los Angeles. (Mandel Ngan/Getty Images / Getty Images)
The current state of rebuilding in the city has drawn scrutiny from the federal government. President Donald Trump issued an executive order mandating the federal government step in to take over rebuilding efforts in Los Angeles.
The executive order, titled “Addressing State and Local Failures to Rebuild Los Angeles After Wildfire Disaster,” directs the heads of SBA and FEMA to issue regulations that override California and LA’s permitting requirements, according to previous reporting by Fox News.
Wilson told FOX Business that federal assistance “would be great if they did come in and help out.”
“I think it’s great because the federal government, FEMA hasn’t really helped out anyone … and it’s not just on the Palisades, it’s just part of the policy and administration right now,” Wilson said. “The problem is it’s FEMA and they’re more worried about the overall big picture, whereas the local government is the one who can really enforce, for example, the permits.”
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Park said an upcoming town hall will allow residents to directly weigh in on what should be included in a “long-term recovery plan.”
“This has to stay community-driven — and government’s job is to clear the path, not stand in the way,” Park said.
FOX Business contacted LA Mayor Karen Bass, Gov. Gavin Newsom and gubernatorial candidate Steve Hilton’s press offices, but did not immediately receive a response.
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