09:59 AM EST, 02/05/2025 (MT Newswires) -- US Senator Elizabeth Warren has told President Donald Trump that she believes the White House should move to stop alleged discriminatory practices by the country's largest banks, The Wall Street Journal reported Wednesday, quoting a letter from Warren's office.

Warren said in the letter that banks have been unfairly closing accounts linked to formerly incarcerated people or on the basis of their clients' religion, the report said, adding Warren said most of the closures were by JPMorgan Chase ( JPM ) , Bank of America ( BAC ) , Citigroup ( C ) and Wells Fargo (WFC).

"There are times when a bank has a legitimate reason, and a legal obligation, to freeze or close a bank account," the WSJ quoted Warren as saying in her letter to the White House. "But banks may be implementing these legal obligations in a sloppy and overbroad manner.

Trump told the World Economic Forum in Davos, Switzerland, last month that Bank of America ( BAC ) and JPMorgan Chase ( JPM ) were unfairly shutting down conservatives' bank accounts, the report said.

Separately, Reuters reported that the Senate Banking Committee will hold a hearing Wednesday on "debanking," with experts and business owners expected to provide testimony.

JPMorgan ( JPM ), Bank of America ( BAC ), Citigroup ( C ) and Wells Fargo ( WFC ) didn't immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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