Senator Hassan Demands Capital One Hand Over Trump AML Review Details
Senator Maggie Hassan has asked Capital One for details on its AML review that closed Trump accounts, citing need for congressional oversight.
A senior Democratic senator is pressing Capital One Financial to disclose internal records related to an anti-money laundering (AML) review that prompted the bank to close accounts tied to President Donald Trump and his businesses.
Senator Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee, sent a letter to Capital One CEO Richard Fairbank on Tuesday evening. She requested documents describing the transactions, alerts, and other factors that triggered the review, as well as any communications with law enforcement or regulators on the matter.
"The American people deserve to know," Hassan wrote, according to the letter.
Capital One declined to comment. The White House and the Trump Organization did not immediately respond to requests for comment.
The request follows a lawsuit filed in March 2025 by the Trump Organization and Eric Trump, the president's son, alleging that the bank's 2021 closure of hundreds of affiliated accounts was politically motivated. Capital One has denied the accusation, saying in a July court filing that the closures resulted from a careful review by its AML team "in accordance with bank policies and regulatory guidance." The bank has never accused the Trump Organization of money laundering. Plaintiffs have called the AML review a pretext.
Hassan's request could shed light on the financial dealings of the president's companies and on whether Trump's claims of "debanking" have merit. Debanking — the denial of financial services on religious or political grounds — has become a prominent issue during Trump's second term. The president and his allies have accused large, left-leaning banks of targeting conservatives, while the industry says it merely follows federal regulations.
In August 2025, Trump signed an executive order aimed at curbing discriminatory debanking practices and separately sued JPMorgan Chase on similar grounds. The bank denies the claims. The Office of the Comptroller of the Currency is also investigating debanking across several institutions.
In her letter, Hassan said additional information is needed for congressional oversight. She asked Capital One to identify the activity that triggered the review, explain the policies applied, describe the findings that led to the closures, and disclose any referrals or communications with federal or state authorities, to the extent permitted by law.