Capital One Financial has responded to a lawsuit challenging its decision to close the Trump Organization’s bank accounts, stating the closures followed a thorough review by anti-money-laundering (AML) experts. This marks the first time a bank has formally connected money-laundering concerns to Donald Trump’s family business.

The bank notified the Trump Organization in March 2021 of its plan to close over 300 affiliated accounts. Capital One emphasized in its August 1, 2026, court filing that the decision was based on months of analysis by its AML team, conducted in line with bank policies and regulatory guidance.

The Trump Organization and Eric Trump, the president’s son, filed a lawsuit in March 2025 in a Florida federal court. They alleged the account closures were motivated by Capital One’s "woke" beliefs and an attempt to capitalize on the political climate following the January 6, 2021, US Capitol riot.

Capital One rejected these claims, describing the allegations of political pretext as "misguided" and based on "cherry-picked quotations unsupported by the full context" of submitted documents. The bank also clarified it has never accused the Trump Organization of money laundering.

In a related historical context, during his first presidential term in 2019, Donald Trump sued Capital One and Deutsche Bank to prevent them from sharing his financial records with Congress amid a probe led by Democratic lawmakers.

Neither the Trump Organization nor Capital One immediately responded to requests for further comment.

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