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Senator Hassan Demands Details from Capital One on Trump Account AML Review
U.S. Senator Maggie Hassan (D-NH) has formally requested that Capital One Financial provide details concerning an internal anti-money laundering review, which the bank cited as its reason for closing accounts linked to President Donald Trump and his businesses.
In a letter sent to Capital One CEO Richard Fairbank, first reported by Reuters, the senator is seeking comprehensive information for the purpose of congressional oversight.
Details of the Request
Senator Hassan, the top Democrat on the Joint Economic Committee, has asked Capital One for specific documentation related to its decision. The request includes:
- The specific activity that triggered the bank's anti-money laundering (AML) review.
- Documents describing the transactions, alerts, and other factors that prompted the internal probe.
- The policies and procedures applied during the review.
- Any communications with law enforcement or financial regulators regarding the matter, to the extent permitted by law.
In the letter, Hassan stated, "The American people deserve to know" the basis for the bank's actions. Capital One has declined to comment on the request, according to the report.
Background of the Dispute
AdThe senator's inquiry stems from an ongoing legal battle between the Trump Organization and Capital One. The bank closed hundreds of accounts affiliated with the company in 2021. In March 2025, the Trump Organization and Eric Trump sued the bank, alleging the closures were politically motivated.
Capital One has denied these allegations. In a July court filing, the bank asserted the closures were the result of a careful review by its AML team "in accordance with bank policies and regulatory guidance." The bank has not publicly accused the Trump Organization of money laundering.
Broader 'Debanking' Controversy
This development highlights the growing political controversy around "debanking"—the practice of denying financial services based on political or religious grounds. President Trump and his administration have accused large financial institutions of targeting conservative-leaning individuals and businesses.
In August 2025, President Trump signed an executive order aimed at curbing such practices. The Office of the Comptroller of the Currency, a top banking regulator, is also reportedly investigating the issue across multiple institutions. The financial industry maintains that account closures are based on compliance with federal regulations, not political bias.
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