In a court filing on Friday, July 31, 2026, Capital One said it closed the Trump Organization's accounts “for anti-money laundering ('AML') reasons,” following what it described as “months of analysis and a careful review by Capital One's AML team.” The disclosure, in the bank's motion to dismiss the Trump Organization's “debanking” lawsuit, marked the first time a bank has formally tied money-laundering concerns to Trump's family business, Reuters reported. NPR reported that the bank said its review team was staffed by employees with “decades of law enforcement experience.”
Capital One gave notice in March 2021 that it would close more than 300 Trump-affiliated accounts (NPR puts the number at roughly 385). The Trump Organization and Eric Trump sued in March 2025, alleging the closures were driven by the bank's “woke” beliefs and its desire to benefit from the political mood after January 6; the case is before Judge Roy K. Altman in federal court in Miami, which has dismissed two earlier versions of the complaint with leave to amend. Capital One's filing says the plaintiffs' allegations of political pretext are “based on cherry-picked quotations unsupported by the full context” of the documents.
An important limit on the story: Capital One has never accused the Trump Organization of illegal money laundering. It says the closures followed AML policy and regulatory guidance, and that “The transaction patterns identified by Capital One are among the types of activity flagged by federal banking guidance.” NPR noted that the filings suggest the Trump companies were given no opportunity to address the concerns before the closures; Capital One argues that federal confidentiality rules would have barred it from explaining. The dispute is now about whether that compliance rationale, or political bias, explains the debanking.