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Yahoo
25 minutes ago
- Yahoo
The debanking issue is back as Trump slams — once again — some major lenders
Debanking is back in the spotlight this week after President Trump said Tuesday that the country's two largest US banks, JPMorgan Chase (JPM) and Bank of America (BAC), denied him as a customer. "The banks discriminated against me very badly, and I was very good to the banks," Trump said on CNBC's "Squawk Box," adding that "they discriminate against many conservatives." For years, Republicans have claimed that US banks have denied accounts to certain customers for political reasons. Crypto companies have warned more recently that they weren't permitted to get banking services during the Biden era. "I had hundreds of millions. I had many, many accounts loaded up with cash. I was loaded up with cash, and they told me, 'I'm sorry, sir, we can't have you. You have 20 days to get out,'" Trump said of his experience losing bank accounts with JPMorgan Chase. The president said he then went to Bank of America "to deposit a billion dollars plus" and was similarly denied. "He said, 'We can't do it,'" Trump told "Squawk Box" while also referencing pressure on banks from Washington, D.C., regulators as a key reason for why he and others have been denied banking services. "I ended up going to small banks all over the place," Trump added. The president's comments came in response to a Wall Street Journal report late Monday stating that the White House is preparing to draft a related executive order around debanking that would fine banks found discriminating against customers on political grounds. Bank of America did not immediately offer a response to Trump's comments. "We don't close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed. We commend the White House for addressing this issue and look forward to working with them to get this right," a JPMorgan spokesperson said in emailed comments. Both of these giant lenders and their CEOs have denied debanking customers on political grounds. Learn more about high-yield savings accounts, money market accounts, and CD accounts. Trump first brought visibility to the debanking issue back in January when he confronted Bank of America's Brian Moynihan about it during a live Q&A at the World Economic Forum in Davos, Switzerland. "I hope you start opening your bank to conservatives," Trump told Moynihan. The president also appeared to include JPMorgan Chase CEO Jame Dimon in his confrontation. "I don't know if the regulators mandated that because of Biden or what, but you and Jamie and everybody else, I hope you open your banks to conservatives, because what you're doing is wrong," Trump added. Two months later, the Trump Organization sued major credit card lender Capital One (COF) for allegedly debanking hundreds of its accounts following the Jan. 6, 2021, attack on the US Capitol in Washington, D.C. Bank regulators have already eliminated one element in supervision that has been pointed to as a culprit of debunking, known as reputational risk. Critics said this element of supervision was previously too subjective, allowing regulators additional room to penalize lenders for taking on customers they deemed risky. "The heart of the problem is regulatory overreach and supervisory discretion," a spokesperson for the Bank Policy Institute, a D.C. banking industry advocacy group, said in an emailed statement. "The banking agencies have already taken steps to address issues like reputational risk, and we're hopeful that any forthcoming executive order will reinforce this progress by directing regulators to confront the flawed regulatory framework that gave rise to these concerns in the first place," BPI added. Each of the bosses for these big banks has addressed the issue by also pointing a finger at regulators. "We have not debanked anyone because of political or religious relationships, period," JPMorgan's Dimon said during a podcast interview earlier this year, in which he acknowledged that debanking happens. "The reality is that if they gave us clarity from the regulatory thing and avoid the second-guessing, that would be helpful," Bank of America's Moynihan said in a CBS interview on Sunday. David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Travel + Leisure
26 minutes ago
- Travel + Leisure
The U.S. Is Proposing a Visa Bond of Up to $15,000 for Travelers—What to Know
Potential travelers to the U.S. need to be aware of a new proposed travel visa scheme that might require them to put up $15,000. The U.S. Department of State recently announced a proposed 12-month long visa bond pilot program that could apply to leisure and business travelers who are applying for visas from countries that have high visa overstay rates, according to the State Department. The program would require travelers seeking visas to potentially post a bond of $5000 to $15,000, as well as to travel to specific US airports as their port of entry, which will be announced at a later date. Countries that are part of the Visa Waiver Program, including Canada and Mexico, will be exempt for the bond pilot program. A similar program was set to be implemented in November 2020 during the first Trump administration, but was never fully implemented due to the slowdown in travel during the COVID-19 pandemic. 'By its design and intention, the Pilot Program is a tool of diplomacy, intended to encourage foreign governments to take immediate action to reduce the overstay rates of their nationals when traveling to the United States for temporary visits, and to encourage countries to improve screening and vetting and the security of travel and civil documents, including in the granting of citizenship,' the State Department statement says. 'As such, the rule properly is described as a key pillar of the Trump Administration's foreign policy to protect the United States from the clear national security threat posed by visa overstays and deficient screening and vetting.' If travelers are required to post a bond, the funds will be returned if they leave the U.S. as required by the terms of their visas. At the moment, it is unclear which countries will be affected by the pilot program, though some countries with high rates of overstays are also on the list of countries affected by Trump's travel ban. 'The Department, through consular officers, has broad authority to require a visa applicant to post a bond in such sum and with such conditions as would help ensure the alien's timely departure from the United States,' the Department of State said in a statement. 'During the course of the visa interview, a consular officer will determine if an applicant is otherwise eligible for a visa, and if the applicant falls within the scope of the Pilot Program. If the applicant falls within the scope of the Pilot Program, the consular officer will inform the applicant of the bond requirement and the amount of the required bond, whether $5,000, $10,000, or $15,000.'
TechCrunch
26 minutes ago
- TechCrunch
Trump says he'll announce semiconductor and chip tariffs
The semiconductor industry's rollercoaster year continues with another major development. President Donald Trump said on CNBC's Squawk Box on Tuesday that his administration is planning to announce tariffs on semiconductors and chips as soon as next week. However, the specifics of these tariffs remains unclear. Such tariffs could cause quite a disruption for U.S. hardware and AI companies. When the U.S. CHIPs and Science Act was signed in 2022 — providing $52 billion in subsidies to boost domestic chip manufacturing — the U.S. produced only about 10% of global chips. Despite this small manufacturing footprint, more than half of global semiconductor companies are headquartered in the U.S. Since then, some progress has been made toward boosting domestic chip manufacturing. Both Intel and Taiwan Semiconductor Manufacturing Company (TSMC) have received funding from the CHIPs Act. TSMC has also committed to spending 'at least' $100 billion over the next four years on chip manufacturing plants in the U.S. But setting up chip manufacturing plants takes time. Intel recently announced it was delaying construction on its Ohio chip manufacturing facility, again, highlighting the challenges of rapidly scaling up production. The tariff announcement comes as the industry awaits the administration's decision on AI chip export restrictions — rules that control which countries can purchase advanced semiconductors used in AI systems. The Trump administration formally rescinded the Biden administration's chip AI export rules in May. Those rules had established a country-specific, multi-tier approach to restricting chip exports based on national security concerns. The Trump administration then released its AI Action Plan in July, which emphasized the need for the U.S. to implement chip export restrictions but was light on the details of what that could look like. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise on August 7. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW According to reporting from Semafor citing industry sources, the Trump administration is now debating whether or not it should go through with its plan to rescind and replace Biden's AI export rules. For more on the semiconductor industry's tumultuous year, we've compiled a regularly-updated timeline of market news since the beginning of 2025.
