Deutsche Bank is complying with a subpoena by the New York attorney general and has begun the process to provide documents related to President Donald Trump’s loans, said a source with knowledge of the matter.
The office of New York Attorney General Letitia James issued subpoenas last month for Trump’s financial records, which include documents to funding for several Trump Organization projects. The move was a direct result of Michael Cohen’s testimony before Congress, during which Trump’s former lawyer claimed that the President inflated his assets in order to get loans from the bank, defrauding insurance companies.
Deutsche Bank is currently in the process of providing emails and loan documents pertaining to several of the President’s businesses – Trump International Hotel in Washington, DC, the Trump National Doral Miami and the Trump International Hotel and Tower in Chicago, CNN reports.
The House Financial Services and Intelligence Committees have also opened a joint probe into Trump’s businesses and money laundering, which the German lender is a subject of. The investigation looks into concerns the Trump Organization had fallen prey to foreign influence.
The reason the German banking giant has come under intense scrutiny is that the bank is one of only few, which in the past several years have been willing to lend to the Trump Organization.
Deutsche Bank has given the President’s businesses over $300 million, which financial disclosures and public filings from 2012 to 2015 show have been used to finance the Trump Organization’s Florida golf course and hotels in Washington and Chicago.
Attorneys for Trump filed a lawsuit Monday against House Committee on Oversight and Government Reform’s chairman, Representative Elijah Cummings, saying that Cohen’s testimony was a mere “political stunt” and “one of the worst examples of the House Democrats’ zeal to attack President Trump under the guise of investigations,” ABC News writes.