Lawyers representing President Donald Trump and the House Financial Services Committee have reached an agreement that the subpoenas issued on McLean, Va.-based Capital One Financial Corp. and on Deutsche Bank AG to hand over Trump's financial records will not be immediately enforced.
The subpoenas will not be enforced until seven days after Trump's appeal to the U.S. Court of Appeals for the Second Circuit has been resolved. Trump previously sued the two companies, alleging that the subpoenas are baseless and were meant to harass him, but U.S. District Judge Edgardo Ramos ruled against him and said Congress has the authority to seek these records.
Donald Trump Jr., Eric Trump and adviser Ivanka Trump are also plaintiffs in the suit. The House Permanent Select Committee on Intelligence also wants the financial records of Trump, his family members and his businesses.
Nine banks were subpoenaed by the House Financial Services Committee to submit documents related to their dealings with the Trump Organization. A source told CNBC that the subpoenas are based on the Bank Secrecy Act, which allows Congress to access information and determine whether money laundering has occurred.