Senate Probe Seeks Bank of America Records on Account Closures
A film company's claim that its accounts were closed over political content raises questions about whether financial institutions are applying content-based criteria to business banking decisions...
RawHide Pictures, the production company behind a biographical film about former President Ronald Reagan, has stated that Bank of America closed its business accounts in 2021, citing a letter the company received from the bank that year as documentation of the closure. The claim was first reported by The California Post and subsequently covered by the New York Post on July 7, 2026. According to those reports, the accounts were later restored following an appeal by the company.
RawHide Pictures has asserted that the account closure was connected to the political subject matter of its Reagan film, though Bank of America has not publicly confirmed or explained the reason for the original closure. The bank has not, as of publication date, issued a detailed statement addressing the company's specific allegations. What documentation governed the closure decision — including any internal compliance review or policy applied — is not currently part of the public record.
The practice of financial institutions terminating customer accounts, sometimes referred to as 'de-banking,' has drawn scrutiny from lawmakers on both sides of the aisle. Republican members of the House Financial Services Committee held hearings in 2023 and 2024 examining whether banks applied ideological criteria when closing accounts, with witnesses including representatives of firearms retailers, cryptocurrency firms, and religious organizations. Democratic members have raised parallel concerns about de-banking affecting minority-owned businesses and civil rights organizations. No legislation has been enacted into law as of July 7, 2026, according to the congressional record.
The Financial Services Committee has subpoena authority over bank records under House rules. Whether any formal investigation has been opened into RawHide Pictures' specific claim, or whether a subpoena or document request has been issued to Bank of America regarding this matter, is not confirmed in any public filing reviewed by this publication as of publication date.
What remains unknown: the internal Bank of America compliance records that governed the 2021 account closure decision; whether any federal regulator — including the Office of the Comptroller of the Currency or the Consumer Financial Protection Bureau — received a complaint related to this account action; and whether any congressional committee has formally requested documents related to this specific case. Those records, if they exist, would be found in OCC supervisory correspondence, CFPB complaint database entries, or House or Senate committee document request logs.