Bank of America CEO Brian Moynihan responded to explosive claims made by President Donald Trump on CNBC on Aug. 6 concerning the bank’s alleged debanking practices. Trump accused the bank of rejecting his post-presidency attempt to open accounts and deposit over $1 billion.

While Moynihan did not verify or deny the president’s claim, he redirected the conversation toward the compliance regime that shapes financial decisions, asserting that regulatory burdens—not political targeting—often drive outcomes viewed as debanking. Trump claimed: “Brian was kissing my ass when I was president, and when I called him after I was president to deposit a billion dollars plus… he said, ‘We can’t do it.’” Moynihan avoided addressing the incident directly but backed efforts to reform the banking rulebook. He stated:

I welcome getting this fixed.

“At the end of the day, we bank 70 million consumers—more small businesses than anybody else—12 million small businesses … We bank everybody. But the reality is, we want to make sure that the rules and regulations don’t cause decisions to be made that then are looked at in the aftermath and dealt differently,” the Bank of America CEO said. His remarks signaled that reputational risk policies, along with federal mandates under the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) laws, and Know Your Customer (KYC) guidelines, continue to affect who gets access to financial services.

Moynihan addressed the broader policy challenge facing banks: “We’ll get through this and get some rules written, and then we can follow them and let it all play out.” The executive added:

I think that the President is on the right issue, which is we got to stop the regulators behind the scenes of whipsawing back and forth and forcing our companies, and companies like ours, to make decisions which Congress hasn’t passed on or he hasn’t passed on.

These regulatory inconsistencies have also been at the center of the cryptocurrency industry’s long-running campaign against what it calls Operation Chokepoint 2.0—an effort to cut crypto platforms off from banking infrastructure. Crypto proponents argue that decentralized finance is a solution to politically or regulatorily driven debanking, which they say stifles innovation and lacks legal clarity.

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