Senator Elizabeth Warren has requested that Eric Trump confirm whether his family intends to refile a lawsuit against Capital One, which accused the bank of de-banking accounts linked to the Trump family due to political motivations. The inquiry comes as Warren, the ranking Democrat on the Senate Banking Committee, scrutinizes the nomination of Brian Johnson, a Capital One executive, to head the Consumer Financial Protection Bureau (CFPB).
In a letter sent to Eric Trump, who co-manages The Trump Organization, Warren noted the significance of his father’s opinions to Republican colleagues and highlighted the potential role the CFPB would play in addressing de-banking concerns. She stated it would be beneficial for the committee to understand the Trump family’s views on Capital One as it considers Johnson’s nomination. Warren specifically asked about the family's plans to refile claims against Capital One by the court-ordered deadline of July 17, 2026.
The Trump family initially sued Capital One in March 2025, alleging that the bank terminated hundreds of accounts in 2021, which held millions of dollars and were associated with the president’s family members. The lawsuit claimed the accounts were closed due to "woke" beliefs and a desire to distance the bank from President Trump and his conservative political views. Eric Trump stated at the time that the accounts were for hotels, golf courses, and other business properties, and that the only commonality was the "Trump name."
Capital One has denied that it closed the accounts due to political discrimination. The initial lawsuit was dismissed by U.S. District Judge Roy Altman, who cited a lack of specific details but granted the Trump family the opportunity to refile the complaint by July 17, 2026. Warren is also reportedly investigating whether Johnson was involved in the CFPB's decision to terminate a Biden-era lawsuit against Capital One.
The CFPB, an agency whose creation was initially proposed by Warren, has experienced a significant reduction in its workforce since the current administration took office. The agency, tasked with protecting consumers in the financial sector, had approximately 1,200 employees at the end of January, a decrease of about 30% from its pre-administration staffing levels. White House budget chief Russ Vought had previously characterized the CFPB as a "woke & weaponized agency," though recent plans indicate a reduction of half the staff rather than a near-complete dismissal.