WASHINGTON—The House Judiciary Committee and its Weaponization Select Subcommittee have issued a subpoena to Bank of America and its CEO, Brian Moynihan, regarding what it has alleged is the unauthorized data sharing practices between the bank and federal law enforcement agencies, according to a new report.
The subpoena demands information regarding the bank's provision of sensitive customer financial data to the FBI without legal orders or customer consent. The transactions under scrutiny are related to events at the U.S. Capitol on Jan. 6, 2021, Investing.com said.
Committee Chairman Jim Jordan (R-OH) subpoenaed Bank of America over illicitly providing customer transaction data to the FBI without judicial authorization, as acknowledged by Steven Jensen from the Domestic Terrorism Operations Section for January 5-7, 2021 events, Investing.com said.
“Despite this, Bank of America continues to assert adherence to legal standards in its operations with authorities under the Trump Administration's tenure,” Investing.com said.
Earlier this year the Judiciary Committee had sought voluntary cooperation from Bank of America to examine its relationship with the FBI.
‘Unsanctioned Approach’
“Despite Bank of America's claim that their actions were supported by a Treasury Department initiative, subsequent findings indicated an unsanctioned approach led by Steven Jensen of the FBI's Domestic Terrorism Operations Section. Jensen later withdrew the information obtained from Bank of America due to an absence of federal criminal conduct,” Investing.com said.
Congress is also scrutinizing Bank of America's reliance on both the Anti-Money Laundering Act and Bank Secrecy Act as justifications for such data exchanges, Investing.com said.