Trump says he's considering taking over DC police and bringing in National Guard
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Yahoo
2 minutes ago
- Yahoo
US lenders weighed reputation rules, not politics, in closing accounts, sources say
By Nupur Anand and Saeed Azhar NEW YORK (Reuters) -Decisions by some major U.S. banks to close accounts were based on rules around reputational risk, people familiar with the matter said, pushing back on President Donald Trump's accusation that he and his conservative supporters were denied services for political reasons. Trump on Tuesday renewed his criticism of JPMorgan Chase and Bank of America, saying they discriminated against him by refusing to accept hundreds of millions of dollars in deposits. While banks have been careful not to contradict the president directly and provoke his ire, two industry sources cited regulations under the former President Joe Biden's administration that forced them to weigh reputational risks as the reason lenders have dropped clients or avoided others. The sources declined to be identified because of the sensitivity of the matter. One bank was concerned about this issue when dealing with Trump because of his legal woes during the Biden administration, the first source said. Spokespeople for JPMorgan and Bank of America both said they do not consider political affiliations in banking decisions and welcomed Trump's efforts to change regulations. A source familiar with the matter said that JPMorgan continues to have a banking relationship with members of the Trump family and it also banks a number of campaign accounts linked to Trump. The White House did not immediately respond to a request seeking comment. BIDEN ERA RULES Under the Biden era, regulators who oversaw the banks would judge the lenders' compliance with the rules, which banks said were based on subjective judgments by government supervisors, the first industry source said. Banks were also concerned about whether regulators would punish them for providing services to individuals who faced legal proceedings, like Trump, the first and second sources said. The main U.S. bank regulators -- the Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency -- have all directed its supervisors this year to stop considering reputational risk when examining banks, a metric that had drawn industry complaints for being too subjective. "The heart of the problem is regulatory overreach and supervisory discretion," the Bank Policy Institute, an industry group, said in a statement. A looming executive order expected as early as this week would instruct regulators to review banks for "politicized or unlawful debanking" practices, according to a draft reviewed by Reuters. Banks also plan to use the current debate to push the government to clarify anti-money laundering laws and establish a clear federal standard on fair access to financial services, the third source said. NOT ISOLATED Trump's criticism echoed longstanding "debanking" complaints from Republicans, who have accused Wall Street banks of "woke capitalism," as well as denying services to gunmakers, fossil-fuel companies and others perceived to be aligned with the political right. Earlier this year, the Trump organization sued Capital One for closing 300 accounts related to the group. The closures came after thousands of Trump supporters stormed the U.S. Capitol on January 6, 2021. Capital One declined to comment beyond its earlier legal filings. Trump also drew headlines in January when he blasted banks for debanking at a gathering of business leaders in Davos, Switzerland. Paul Chesser, director, corporate integrity project at the conservative-leaning National Legal and Policy Center (NLPC), cited former Kansas Governor and Senator Sam Brownback as among the conservatives who were debanked by JPMorgan and other banks. Brownback wrote in the New York Post that JPMorgan had abruptly canceled his newly opened account for the National Committee for Religious Freedom in 2022. The JPMorgan spokesperson said the decision to close the accounts was not related to politics. "The Senator is fully aware why his accounts were closed," the spokesperson said, without elaborating on the reasons for the closure. Brownback told Reuters he had been given five different reasons by the bank for the account closure and was not certain what the final explanation was. NLPC has raised debanking concerns with BofA and JPMorgan through shareholder proposals, which were not included in the banks' proxies, Chesser said. Bank supervision by government regulators is a mostly confidential process that limits banks from explaining to clients why they are declined services. "Customers should not be in the dark about why they are being de-banked," said Chesser. "Nobody got any explanation. They're totally left in the dark. And that is probably the number one priority." Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Axios
3 minutes ago
- Axios
Trump's federal crackdown in D.C. ramps up — despite falling crime
Crime is trending down in D.C. for the second straight year, even as the White House ramps up federal enforcement — and President Trump portrays the city as dangerously lawless. Why it matters: Trump's messaging — that D.C. crime is " totally out of control" — is fueling threats of federal takeover, tougher enforcement on federal land, and a spike in arrests for nonviolent offenses. Driving the news: Trump on Tuesday threatened to federalize D.C. following an alleged unarmed carjacking attempt near Logan Circle and beating of a former DOGE staffer. MPD arrested two teens in connection to the carjacking. Trump called for minors as young as 14 to be tried as adults in D.C., blaming lax detention laws for violent mayhem. By the numbers: Crime is down year-to-date compared to 2024, according to MPD's tracker: Violent crime: ⬇️ 26% All crime: ⬇️ 7% Robbery: ⬇️ 29% Homicide: ⬇️ 12% Aggravated assault: ⬇️ 20% Sexual abuse: ⬇️ 48% Reality check: Though homicides are down, the drop isn't a disappearance. A total of 98 homicides have occurred in D.C. this year — and homicides have been trending higher than a decade ago. Between the lines: Youth crime remains a hot-button issue. In response, the city launched a new MPD juvenile unit in April, and extended youth curfews this summer. They also lengthened pre-trial detention for minors in a 2023 public safety bill. Zoom in: Metro Transit Police arrests and citations are up 33% through July compared to last year, the Washington Post reports. Reported crimes on WMATA property are down 38%. Meanwhile, nonviolent arrests are spiking under Trump's " D.C. Safe and Beautiful" executive order, which created a multi-agency task force in March to crack down on crime, homeless encampments, and graffiti. Federal oversight is growing: U.S. Park Police increased arrests by 37% during the first half of this year, a White House official told the Post — 806 arrests from January to June, up from 589 in the same period last year. That includes misdemeanors like alcohol or marijuana use — more harshly punished on federal land. Nearly 90% of parks are government-controlled in D.C. Friction point: There's a tug-of-war for credit. The White House is praising itself for falling crime rates. An MPD official told the Post it's due to " hard work and dedication" of local cops — not federal intervention. Mayor Bowser played Switzerland, saying the federal crackdown lets MPD focus on driving down neighborhood crime. What we're watching: Whether the federal crackdown escalates now that crime has hit close to home at 1600 Pennsylvania.
Washington Post
5 minutes ago
- Washington Post
Kremlin, sensing advantage, confirms Putin-Trump meeting in coming days
President Donald Trump's abrupt shift on Wednesday from frustration with Russian President Vladimir Putin's intransigence to a potential one-on-one meeting soon — despite Putin's refusal to halt attacks on Ukraine or back away from Russia's core war aims — handed the Russian leader a diplomatic coup, which the Kremlin embraced Thursday.
