BofA plans to engage with White House, Congress on debanking – spokesperson

NEW YORK (Reuters) – Bank of America will be engaging with President Donald Trump’s administration and Congress on regulations that the bank said can lead to it exiting banking relationships with a customer, a spokesperson said on Friday.

Trump on Thursday singled out JPMorgan Chase (NYSE:JPM) and Bank of America specifically as debanking customers. The two banks on Thursday denied they made banking decisions based on politics.

“We take this issue very seriously,” a BofA spokesperson said. “We will be engaging with the administration and Congress regarding the extensive government regulations that sometimes result in requirements to exit relationships.”