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Tuesday, Nov 11, 2025
Outside the box.
Florida Attorney General Opens Probe into JPMorgan Chase Over ‘Debanking’ of Trump Media
James Uthmeier’s office launches investigation into bank’s relationship with Trump-linked firm amid claims of politicised account closures
Florida’s Attorney General, James Uthmeier, has formally opened a probe into JPMorgan Chase & Co. following allegations that the bank de-banked Trump Media & Technology Group (TMTG), a company tied to Donald Trump, during a critical phase of its operations.
In a letter to the bank’s chief executive, Uthmeier cited “grave concerns” about the timing and motivation of JPMorgan’s actions and linked them to the broader federal investigation codenamed “Arctic Frost.”
According to the attorney general’s office, TMTG, incorporated in Florida, received a banking relationship with JPMorgan in early 2023. On 28 March 2023 the U.S. Department of Justice (DOJ) served the bank with a subpoena demanding “any and all records” of TMTG — a period predating the company’s public existence, Uthmeier alleged in his letter.
He says that soon afterwards JPMorgan began questioning TMTG’s transactions and ultimately closed its accounts shortly after TMTG completed a merger in March 2024. Uthmeier’s office contends this sequence may implicate Florida civil and criminal statutes related to banking discrimination and anti-fraud protections.
The probe aligns with broader federal scrutiny of debanking practices.
JPMorgan itself disclosed in recent filings that it is responding to government requests concerning its policies on customers and potential customers, including those connected to political viewpoints or lawful business activities.
The inquiry reflects the emphasis of the Trump administration — which issued an executive order in August directing regulators to examine “politicised or unlawful debanking” — and extends it into state jurisdiction.
JPMorgan’s spokesman said the bank follows the law in responding to subpoenas and does not discriminate on the basis of political or religious beliefs.
No specific wrongdoing by JPMorgan has yet been established; the Florida investigation is in its early stages.
The case raises significant questions over the balance banks must strike between regulatory compliance and ensuring equal access to financial services — especially for firms affiliated with politically exposed individuals.
The outcome of this inquiry could influence legislative and regulatory reform efforts already under way to curtail account closures on perceived ideological grounds.
The Florida office has ordered JPMorgan to preserve all documents relevant to TMTG and told the bank it will be contacted again soon.
Uthmeier said his office will prosecute any unlawful activity to the fullest extent.
The probe illustrates the expanding intersection of banking regulation, political influence and state-level enforcement — and may prove a high-profile test of how financial institutions interact with entities linked to prominent political figures.
In a letter to the bank’s chief executive, Uthmeier cited “grave concerns” about the timing and motivation of JPMorgan’s actions and linked them to the broader federal investigation codenamed “Arctic Frost.”
According to the attorney general’s office, TMTG, incorporated in Florida, received a banking relationship with JPMorgan in early 2023. On 28 March 2023 the U.S. Department of Justice (DOJ) served the bank with a subpoena demanding “any and all records” of TMTG — a period predating the company’s public existence, Uthmeier alleged in his letter.
He says that soon afterwards JPMorgan began questioning TMTG’s transactions and ultimately closed its accounts shortly after TMTG completed a merger in March 2024. Uthmeier’s office contends this sequence may implicate Florida civil and criminal statutes related to banking discrimination and anti-fraud protections.
The probe aligns with broader federal scrutiny of debanking practices.
JPMorgan itself disclosed in recent filings that it is responding to government requests concerning its policies on customers and potential customers, including those connected to political viewpoints or lawful business activities.
The inquiry reflects the emphasis of the Trump administration — which issued an executive order in August directing regulators to examine “politicised or unlawful debanking” — and extends it into state jurisdiction.
JPMorgan’s spokesman said the bank follows the law in responding to subpoenas and does not discriminate on the basis of political or religious beliefs.
No specific wrongdoing by JPMorgan has yet been established; the Florida investigation is in its early stages.
The case raises significant questions over the balance banks must strike between regulatory compliance and ensuring equal access to financial services — especially for firms affiliated with politically exposed individuals.
The outcome of this inquiry could influence legislative and regulatory reform efforts already under way to curtail account closures on perceived ideological grounds.
The Florida office has ordered JPMorgan to preserve all documents relevant to TMTG and told the bank it will be contacted again soon.
Uthmeier said his office will prosecute any unlawful activity to the fullest extent.
The probe illustrates the expanding intersection of banking regulation, political influence and state-level enforcement — and may prove a high-profile test of how financial institutions interact with entities linked to prominent political figures.
