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Deutsche Bank: Privacy laws block Trump finance disclosures

Deutsche Bank: Privacy laws block Trump finance disclosures
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Deutsche Bank says that U.S. privacy laws prevent it from disclosing details about President TrumpDonald John TrumpTrump rages against '60 Minutes' for interview with Krebs Cornyn spox: Neera Tanden has 'no chance' of being confirmed as Biden's OMB pick Pa. lawmaker was informed of positive coronavirus test while meeting with Trump: report MORE’s finances and his potential ties to Russia.

Five House Financial Services Committee Democrats sent Deutsche’s chief executive officer, John Cryan, a letter in May seeking information on Trump’s past transactions. The committee asked for details on whether Russia’s government backed loans for Trump’s real estate business.

Deutsche responded Thursday, nearly a week past the deadline in the letter to the bank, saying it couldn't share the information due to privacy rules.

“We hope that you will understand Deutsche Bank’s need to respect the boundaries that Congress and the courts have set in an effort to protect confidential information,” lawyers for the bank from Akin Gump Strauss Hauer & Feld wrote in the message, according to Reuters. 

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Rep. Maxine WatersMaxine Moore WatersOn The Money: Democrats accuse Mnuchin of sabotaging economy in dispute with Fed | Trump administration proposal takes aim at bank pledges to avoid fossil fuel financing | JPMorgan: Economy will shrink in first quarter due to COVID-19 spike Democrats accuse Mnuchin of sabotaging economy in dispute with Fed Maxine Waters says Biden win is 'dawn of a new progressive America' MORE (D-Calif.), a member of the committee, confirmed through a staff member that the lender did not give “substantive responses" to the committee's requests.

The letter had asked that the bank provide information "necessary to access the scope, findings and conclusions of your internal reviews.”

“Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia,” the Democrats’ letter said.

The Financial Services panel has the power to subpoena the documents, but that move requires support from its GOP members.

Republicans are the majority on the committee, and no Republican signed last month’s letter to Deutsche.