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Report: Wells Fargo, TD hand over Trump financial records to House committee

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Report: Wells Fargo, TD hand over Trump financial records to House committee

Wells Fargo & Co. and Toronto-Dominion Bank have submitted documents related to President Donald Trump's financial dealings to a key House congressional committee, CNBC reported, citing sources familiar with the House probe who told NBC News.

Nine banks were subpoenaed by the House Financial Services Committee to submit documents related to their dealings with the Trump Organization. Royal Bank of Canada is in the process of conforming, according to a source, while other banks such as Citigroup Inc., Morgan Stanley and JPMorgan Chase & Co. have failed to comply with the May 6 deadline, according to CNBC.

A source, who has viewed the contents of the subpoenas yet to be publicly disclosed, said the subpoenas are based on the Bank Secrecy Act, which allows Congress to access information and determine if ever money laundering has occurred, according to the report.

Wells Fargo, Toronto-Dominion Bank and spokespeople for Rep. Maxine Waters, D-Calif., and Ranking Member Patrick McHenry, R-N.C., all did not respond to the news service's request for comment.

Trump has previously filed a lawsuit against Deutsche Bank AG and McLean, Va.-based Capital One Financial Corp. to prevent them from handing over the records, arguing the subpoenas are just meant to harass him. However, a judge ruled against him and said Congress has the authority to seek these records.