President Donald Trump issued an executive order targeting financial institutions for 'reputational risk' and reviewing complaint data for instances of religion-based debanking. The order follows six months of accusations against Bank of America and highlights the Trump administration's focus on combating 'debanking'—a term linked to cryptocurrency and political conservatism. The move has drawn criticism from bank trade groups, who argue it risks politicizing financial regulation.

President Trump accused major banks of discriminating against conservatives through debanking, citing JPMorgan Chase and Bank of America. The issue of debanking, which involves banks closing accounts or refusing services to individuals or businesses, has sparked debate over political bias and regulatory oversight. Bank of America CEO Brian Moynihan denied allegations of bias, emphasizing risk management and federal regulations. The debate highlights concerns about fair market access and the impact of debanking on individuals and the economy.

President Trump accused major banks of discriminating against his supporters, citing examples like JPMorgan Chase and Bank of America, while previewing a new executive order to investigate financial institutions for anti-discrimination violations. The allegations follow his 2025 World Economic Forum speech in Davos, Switzerland, where he claimed banks target conservatives. The Wall Street Journal reviewed a draft executive order that could penalize banks found in violation of consumer protection laws.

A man in Peoria, Arizona, lost $27,000 after falling for a Bank of America fraud alert claiming a $399 Best Buy purchase. He followed instructions, transferring funds, and later recovered 90% of the money after a five-month investigation.

The Federal Reserve maintained its benchmark interest rate steady in a 9-2 vote, with two dissenting governors—Michelle Bowman and Christopher Waller—arguing for rate cuts. The decision followed a policy statement noting moderate economic growth and elevated uncertainty. Waller, a Trump appointee, is considered a potential nominee to replace Fed Chair Jerome Powell.