USPS worker pleads guilty to stealing $300,000 worth of checks, collectibles
A USPS supervisor pleaded guilty to stealing more than $300,000 worth of checks, gold and other collectibles.
Prosecutors said a 36-year-old employee stole 20 checks worth around $284,000 and up to $40,000 in other items from the mail.
Hayes pleaded guilty to one count of theft of mail matter by a postal service employee and one count of unlawful transfer, possession and use of means of identification.
Prosecutors said 36-year-old Joivian Tjuana Hayes of Compton, California, stole 20 checks worth around $284,000 and up to $40,000 in other items from the mail. These items included gold and collectibles such as a “Confederate $10 bill.”
Authorities said they found the items while searching Hayes’ home in January 2025. They said the items were stolen from the Costa Mesa post office.
Hayes pleaded guilty to one count of theft of mail matter by a postal service employee and one count of unlawful transfer, possession and use of means of identification, according to the U.S. Attorney’s Office for the Central District of California.
When is Hayes’ sentencing?
A federal judge scheduled Haye’s sentencing hearing for May 23, 2025. She faces up to 20 years in prison: five years for the theft count and 15 years for unlawful transfer.
Are there similar cases?
Her plea announcement comes the same day a former USPS employee was sentenced to five years in prison for stealing $24 million worth of checks, according to the U.S. Department of Justice (DOJ).
DOJ officials said the former USPS employee stole checks while working as a mail processing clerk at a distribution center in Charlotte, North Carolina.
Trump to announce new 25% tariffs on steel, aluminum
President Donald Trump turns his attention to the steel industry, preparing to levy new tariffs. And the Philadelphia Eagles are Super Bowl champions after crushing Patrick Mahomes and the Kansas City Chiefs. These stories and more highlight your Unbiased Updates for Monday, Feb. 10, 2025.
Trump to announce new 25% tariffs on steel, aluminum
President Donald Trump said he would announce new 25% tariffs on all steel and aluminum imports to the U.S., including from trade partners Canada and Mexico, on Monday, Feb. 10.
It’s similar to a move he made during his first administration. In 2018, he announced 25% tariffs on steel and 10% on aluminum, but he lifted them for Mexico and Canada a year later.
When previewing the new levies during an interview on Air Force One en route to the Super Bowl on Sunday, Feb. 9, Trump did not say how expansive they would be or when they might go into effect. It’s also unclear if the new steel and aluminum tariffs will be in addition to those already on exports from countries like China.
The president said he believes he is leveling the playing field regarding trade.
“I’ll be announcing, probably Tuesday or Wednesday at a news conference, reciprocal tariffs and very simply, it’s if they charge us, we charge them,” he added.
Trump told reporters that the tariffs would go into effect “almost immediately,” but he would not provide any more details, saying they would be available during the official announcement.
Also, during his flight from South Florida to New Orleans, Trump signed an executive order declaring Feb. 9 “Gulf of America Day” as he flew over the body of water. Last month, he signed an order officially renaming the Gulf of Mexico.
Trump becomes first sitting president to attend Super Bowl
The president made history Sunday, becoming the first sitting president to attend the Super Bowl.
Trump watched the Philadelphia Eagles take on the Kansas City Chiefs from a suite after flying in with some of his closest Republican allies in Congress, including House Speaker Mike Johnson and South Carolina Sens. Lindsey Graham and Tim Scott.
Many celebrities were on hand, including pop superstar Taylor Swift — rooting for her boyfriend, the Chiefs’ Travis Kelce. Actors Kevin Costner, Paul Rudd, and Anne Hathaway were among other A-listers spotted throughout the game.
While the president predicted the Chiefs would score a three-peat before the game, the Eagles dominated. They routed the Chiefs 40-22, intercepting quarterback Patrick Mahomes twice and sacking him six times.
Eagles quarterback Jalen Hurts threw for two touchdowns and ran one in himself, earning Super Bowl MVP honors.
In Philadelphia, thousands of fans took to the streets, and things got out of control. In celebration, fans carried off a toppled traffic light pole, swarmed a trash truck and climbed on top of it.
Award-winning rapper Kendrick Lamar headlined the halftime show with appearances from SZA and Hollywood star Samuel L. Jackson.
There was also a bit of controversy. Police detained one of the performers among the 400-member cast on the field. That person could face criminal charges after unfurling a combination of the Sudan-Palestinian flag with “Sudan” and “Gaza” written on it.
New Orleans police said in a statement that they were “working to determine applicable charges in this incident.” The performer stood on a car, used as a prop for Lamar’s performance, and held up the flag.
The NFL said the performer had the flag hidden beforehand, and “no one involved with the production was aware of the individual’s intent.”
Trump’s serious about wanting Canada as 51st state
During an exclusive interview with Fox News during the Super Bowl pre-show, Trump pushed forward on his previous comments about the U.S. taking over Canada.
“[Canadian Prime Minister Justin Trudeau] said that your wish for Canada to be the 51st state is a quote, real thing. Is it a real thing?” Fox News anchor Bret Baier asked.
“Yeah, it is,” Trump said. “I think Canada would be much better off being a 51st state because we lose $200 billion a year with Canada, and I’m not going to let that happen. It’s too much. Why are we paying $200 billion a year, essentially, in subsidy to Canada? Now, if they’re a 51st state, I don’t mind doing it.”
In the interview, Trump defended the work of billionaire Elon Musk, who leads the Department of Government Efficiency. DOGE has drawn criticism from Democrats as Musk moves to shut down government agencies that the Trump administration believes are unnecessary and waste taxpayer money. His administration has offered buyouts to thousands of federal workers.
Last week, Musk and Trump attempted to put thousands of workers from the U.S. Agency for International Development (USAID) on leave. However, on Friday, Feb. 7, a judge temporarily blocked that effort.
Trump said Musk has “been terrific” and will target the Department of Education and the military next. He expects Musk to find “billions” of dollars of abuse and fraud in the Pentagon.
This comes as a new poll out Sunday from CBS News showed 53% of Americans approve of the job Trump is doing in his first couple of weeks in office, while 47% disapprove.
Federal court blocks Venezuelan migrants from being sent to Guantánamo Bay
In a legal filing, lawyers for the men, who are currently being held in New Mexico, said they “fit the profile of those the administration has prioritized for detention in Guantánamo” since they were being held on charges of connections with the gang Tren de Aragua.
However, they asked a U.S. district court for a temporary restraining order blocking their transfer, saying the U.S. government has created uncertainty surrounding legal process and counsel availability.
Holding immigrants in Guantánamo is a key aspect of Trump’s crackdown on illegal immigration in the U.S.
Last Wednesday, Feb. 5, White House Press Secretary Karoline Leavitt said federal agents arrested more than 8,000 people. Trump has said his administration plans to house up to 30,000 migrants suspected of being in the country illegally at the Guantánamo military base in Cuba.
Vought shuts down Consumer Financial Protection Bureau operations
In a weekend e-mail, Vought told the agency’s employees to cease all supervision and examination activity, pause all pending investigations, not issue any public communications and put a hold on enforcement actions.
He also instructed them not to approve or issue any new rules. Vought later posted to X that he had notified the Federal Reserve that the CFPB will not receive its next funding stipend because he does not believe it’s necessary to carry out the bureau’s duties.
“The bureau’s current balance of $711.6 million is in fact excessive in the current fiscal environment. This spigot, long contributing to CFPB’s unaccountability, is now being turned off,” he said.
Massachusetts Democratic Sen. Elizabeth Warren, who helped create the bureau in 2008, fired back on X, saying Vought is “giving big banks and giant corporations the green light to scam families.”
Staff and contractors at the CFPB were told the Washington headquarters is now closed this week, and they are to work from home.
The National Treasury Employees Union, representing employees in the CFPB, filed two lawsuits against the closure on Sunday. One said Vought telling CFPB employees to stop working is unlawful, and another said three DOGE-affiliated staffers were allowed into the bureau’s internal communications system and that Vought instructed CFPB employees to give the DOGE team “access to all non-classified CFPB systems.”
Trump orders Treasury Department to stop minting new pennies
Trump directed the Treasury Department to stop making new pennies. In a post on his Truth Social platform Sunday night, the president said it costs the U.S. twice what one penny is worth to make one.
The one-cent coins fell in the crosshairs of Elon Musk’s DOGE last month. The U.S. Mint reported losing $85.3 million in the 2024 fiscal year on the 3.2 billion pennies it produced.
It might not stop with pennies, either. The Mint also loses money on nickel, with each of the five-cent coins costing nearly 14 cents.
How a French lawmaker’s report led to a cybercrime investigation of X
French prosecutors are investigating Elon Musk’s social media platform X over allegedly biased algorithms. That’s according to multiple reports released on Friday.
The Paris Public Prosecutor’s Office revealed it received a complaint from a French lawmaker on Jan. 12, claiming X was using “biased algorithms.”
The office said its J3 cybercrime unit was currently looking into the report.
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French prosecutors are investigating Elon Musk’s social media platform X over allegedly biased algorithms. The Paris Public Prosecutor’s Office revealed on Friday, Feb. 7, it received a complaint from a French lawmaker, claiming X was using “biased algorithms” to shape discourse on the platform by distorting “the operation of an automated data processing system.”
The office said its J3 cybercrime unit is currently looking into the report, filed on Jan. 12, by French lawmaker Eric Bothorel, who is a member of President Emmanuel Macron’s party in Parliament.
Musk has reportedly used his social media, previously known as Twitter, to support right-wing leaders and issues in countries like Germany and Britain.
His support has led to concerns over foreign interference in elections set to be held in those European nations.
What past work has the J3 unit conducted?
The J3 unit also led an investigation last year into Telegram founder Pavel Durov, who was arrested at a Paris airport on drug trafficking and distribution of child sexual abuse images.
Pavel, who is out on bail, denies the charges, but his company Telegram said it is working closely with authorities to remove illegal content from its platform.
The J3 unit has used innovative and strict laws to crack down on Big Tech owners.
Has X been targeted in any other country?
X was also blocked for more than five months in Brazil last year, after the country claimed it allowed the spread of misinformation, before X eventually complied with a Brazilian Supreme Court order.
The US added 589,000 fewer jobs last year than reported. Here’s what it means
The U.S. added 143,000 jobs in January, shy of expectations. The unemployment rate fell to 4% from 4.1% in December.
The economy added 589,000 fewer jobs for the year ending March 2024 after revisions from the Bureau of Labor Statistics.
More than 20% of job seekers are on the hunt for more than one year, according to data from LinkedIn.
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The U.S. economy added 143,000 jobs in January as the unemployment rate dropped down to 4%, according to data from the Bureau of Labor Statistics released Friday, Feb. 7. BLS also revised down its annual data ending in March 2024, showing 589,000 fewer jobs added than previously reported.
The downward revision is less damaging than what the Labor Department initially anticipated. In August, the department estimated the revision downward would be 818,000 jobs.
“A half million is a lot, but there are over 150 million jobs in the economy,” said Aaron Sojourner, senior researcher at W.E. Upjohn Institute for Employment Research. “So it’s a very small share that we’re talking about.”
Meanwhile, BLS increased population estimates for working-age Americans by 2.9 million. The civilian labor force rose by 2.1 million.
January misses, but November and December were better than expected
December’s numbers were revised upward by 51,000, while November was revised up by 49,000 to 261,000. Together, the two months’ revisions combine for 100,000 more jobs added than initially reported.
“The revisions really just reflect the fact that we’ve gotten better information over time than we had right away, and it doesn’t really change the story,” Sojourner added.
It’s a strange labor market right now because we’ve had four years of incredibly secure jobs for people who have them. The layoff rates have been at record lows for years now. But now it’s also harder for people to find a job if they need it.
Aaron Sojourner, senior researcher, W.E. Upjohn Institute for Employment Research
Sojourner said revisions are part of the process as the government collects data.
“The economy is an enormous, complex, fast-moving thing, and the Bureau of Labor Statistics does amazing work to measure it in real time,” he said. “Just weeks after they measure it, they’re telling us about it, and there’s always noise in that process.
“They tell us their best estimate right away, and then they get better data over time from administrative sources, and they go back and they say, ‘We’re going to update our estimates based on this slow but more accurate information,’ and that’s what the revisions are about.”
In January 2025, the economy added 44,000 jobs in health care, 34,000 jobs in retail and the government sector added an additional 32,000 jobs. While recent jobs reports have been negatively impacted by strikes and weather events, BLS said the wildfires, which ravaged southern California, “had no discernible effect” on the job market.
Despite low unemployment, it’s very hard to find a job
Long-term unemployed metrics, which measure those without a job for more than 27 weeks, stayed steady at 1.4 million for the month. That accounts for 21.1% of all unemployed people, according to BLS.
“It is hard to find a job,” Sojourner said. “Hiring rates are low, and long-term unemployment is a substantial but small share of people who unfortunately find themselves in that situation.
“Most people who want jobs have them, and have a lot of job security. It’s a strange labor market right now because we’ve had four years of incredibly secure jobs for people who have them. The layoff rates have been at record lows for years now. But now it’s also harder for people to find a job if they need it.”
More than half of Americans looking for a new job have been in the market for six months or longer, according to data from LinkedIn Market Research. That data showed 22% of job seekers were on the hunt for more than 12 months.
“There are these people who’ve been stuck and struggling to find a job, and that is really hard to be in that situation,” Sojourner said. “It’s very demoralizing.”
Tariffs for Shein and Temu packages under $800 suspended by Trump
President Trump postpones ending the de minimis exemption on small imports from China. Allows small packages under $800 to continue entering the U.S.
In anticipation of tariff changes, Temu shifted to U.S.-based warehouses to reduce reliance on Chinese sellers.
Trump plans to announce reciprocal tariffs on multiple countries.
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President Donald Trump delayed plans to end a tax exemption on small imports from China. Originally, Trump’s plan to tax goods coming from China would have closed a loophole on packages worth less than $800, which could have led to higher prices for consumers.
USPS temporarily halted shipments from China, Hong Kong
The U.S. Postal Service responded by halting shipments from popular Chinese companies, including Temu and Shein, which have benefited from the de minimis trade exemption. USPS lifted the suspension on Wednesday, Feb. 5. This exemption allows these digital shopping giants to offer products at lower prices by avoiding tariffs.
Trump’s tariff on China
Trump’s 10% tariff on China took effect on Feb. 4, potentially eliminating the exemption. However, on Friday, Feb. 7, Trump signed an executive order postponing the tax exemption, allowing small packages from China to continue entering the U.S.
The order said the White House plans to develop systems to process and collect tariff revenue on these packages, while the exemption remains in place for the time being.
Temu proactively prepared for the potential end of the de minimis exemption by shifting to U.S.-based warehouses for product shipments. This strategy helps promote local inventory, and decreases reliance on Chinese sellers.
Reciprocal tariffs are coming
In addition to the changes on Chinese imports, Trump announced plans for reciprocal tariffs. He said he will make an announcement next week to impose tax levies on several countries, fulfilling a campaign promise. White House officials have stated that the plan aims to boost the government’s budget through increased tariffs.
Trump previously announced a 25% tariff on imports from Canada and Mexico but delayed its implementation while both countries continue negotiations.
Long-awaited Netflix documentary on Prince blocked by musician’s estate
Prince’s estate has blocked a long-awaited Netflix documentary about the late music icon, sparking controversy over creative control and how his legacy will be told. This decision allows the estate to produce a new documentary with exclusive content from Prince’s archive.
The estate likely rejected the Netflix documentary due to what it called “dramatic factual inaccuracies.”
The original agreement called for a six-hour series, but the estate rejected the nine-hour version that was delivered by director Ezra Edelman.
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Prince’s estate has blocked a long-awaited Netflix documentary about the late music icon. The decision has sparked controversy over creative control and how his legacy will be told.
A documentary about Prince was first announced in 2018. According to Variety, the estate initially gave the project its full cooperation.
However, in a statement posted Thursday, Feb. 6, on Prince’s official social media accounts, the estate revealed it had reached a “mutual agreement” with Netflix.
The statement reads: “The Prince Estate and Netflix have come to a mutual agreement that will allow the estate to develop and produce a new documentary featuring exclusive content from Prince’s archive. As a result, the Netflix documentary will not be released.”
Around the same time, the estate shared a video with the caption, “The Vault has been freed.” That refers to Prince’s personal archive of unreleased music, footage and writings, which the film director had access to.
With the Netflix documentary scrapped, the estate now has control over a new project.
Why the estate likely rejected the Netflix documentary
In the summer of 2023, sources close to the film told Variety that Prince’s estate did not approve of the first cut. The estate claimed the documentary contained “dramatic factual inaccuracies” and sensationalized certain events.
A New York Times report stated that the film featured ex-girlfriends of the singer, alleging physical and emotional abuse. These claims reportedly contributed to the estate’s decision to withhold support.
Ezra Edelman’s fallout with the estate
The documentary was directed by Ezra Edelman, best known for the Oscar-winning “OJ: Made in America.”
The original agreement called for a six-hour series, but Variety reported that Edelman delivered a nine-hour version instead. The estate rejected the extended cut and withheld music rights, effectively shutting down the project.
Prince estate member and music producer Charles Spicer criticized Edelman’s work in an October 2023 post on X.
“Just because you win an Oscar for one subject doesn’t mean you can translate that same on another. It’s TRASH.”
This Right Here👆🏾@JamesJdcxc is on it! Just because you win an Oscar for one subject doesn’t mean you can translate that same on another. It’s 🗑️
His post suggested the estate felt Edelman was not the right fit for telling Prince’s story.
Prince’s estate struggles since his passing
Prince died in 2016 from an accidental drug overdose without a will. His estate faced years of legal battles, including disputes over its value and who would control his music rights.
Other artists have faced similar estate struggles. Aretha Franklin’s family spent five years in court before a judge ruled that a handwritten will found inside a couch cushion was valid. Whitney Houston also had an outdated will that left everything to her daughter, Bobbi Kristina Brown. However, it did not account for her daughter’s death just three years later.
With the Netflix documentary canceled, Prince’s estate now holds full control over his narrative. Fans will have to wait and see how his story will be told — and by whom.
‘It’s capitalism’: Politico CEO responds to Trump criticism over gov’t subscriptions
President Donald Trump criticized news outlet Politico for taking subscriptions from government agencies. He accused the outlet of skewing coverage based on the subscriptions but did not provide evidence to back his claim.
Government spending data shows Politico received $8 million in subscriptions for its Politico Pro service, a separate offering that provides policy information.
Politico’s CEO and editor-in-chief released a statement saying the outlet has never taken government funding but engaged in standard business transactions with agencies.
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President Donald Trump expressed concern about government subscriptions to news outlets in a post to his site Truth Social on Thursday, Feb. 6. He singled out a claim that political news outlet Politico received $8 million from the government.
Trump did not add details to back up his claims. However, he did accused Politico of participating in a widespread conspiracy tying subscription payments to the tone of its news coverage.
The president said it “could be the biggest scandal of them all, perhaps the biggest in history.”
Government spending records show that in 2024, agencies paid more than $8 million in subscriptions for Politico Pro. It’s a paid service the outlet markets to business and government agencies offering information on policy. The service also tracks some of the more minute details of law and policy proposals.
Later on Thursday, Axios obtained an email outlining an order the White House sent to the Government Services Administration to cancel all of the agency’s media contracts as well as its subscriptions to Politico, the BBC and Bloomberg.
Politico has denied any wrongdoing and allegations that its subscribers shape its coverage. In a statement, Politico’s editor-in-chief and CEO explained the difference between Politico, the journalism outlet, and the subscription service Politico Pro.
“Politico is a privately owned company. We have never received any government funding — no subsidies, no grants, no handouts. Not one dime, ever, in 18 years,” the statement read.
The statement goes on to say that with Politico Pro, “Government agencies that subscribe do so through standard public procurement processes — just like any other tool they buy to work smarter and be more efficient. This is not funding. It is a transaction — just as the government buys research, equipment, software and industry reports.”
In a forthcoming interview with CNN, Politico’s head added, “It’s not subsidies, it’s capitalism.”
While President Trump called Politico a “left-wing ‘rag’” in his post, the outlet offered a largely favorable assessment of the president in its flagship newsletter, Playbook, on Thursday, Feb. 6.
In an entry published an hour before Trump’s post saying the outlet gave Democrats favorable coverage, Playbook author Jack Blanchard led his set of takeaways about Trump’s new term by writing, “Has any incoming administration been better prepared for power? Never mind the first 100 days — Trump’s team had a battleplan for the first 100 hours, and they executed it with stunning efficacy.”
The outlet ended the entry on Trump with a line saying that the president “still makes dumb mistakes.”
With profits surging after 2024 scandal, Toyota eyes worldwide EV investments
A scandal in 2024 saw Toyota apologize for improper vehicle testing, which caused profits to decline. Now, the company is surging and has worldwide investments in mind.
In China, Toyota looks to set up a new company to compete with the country’s surging domestic EV market.
In the U.S., Toyota’s new $14 billion EV battery plant in North Carolina is set to begin shipping product in April.
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As Toyota’s profits recover from a scandal in 2024 that saw the company apologize for conducting falsified safety and engine power tests, it’s looking at making investments in the electric vehicle industry. The automaker has a $14 billion plant making electric vehicle batteries set to start production in North Carolina and is making moves to expand further into China.
What was the scandal about?
In early 2024, the Japanese government investigated Toyota, revealing that tests on engine power, collision and airbag inflation were being improperly conducted.
In a conference, Toyota Chairman Akio Toyoda apologized, saying, “We are not a perfect company.”
The tests were also found to have been conducted on discontinued models and led the company to suspend production on two Corolla models, the Axio and Fielder, and on the Yaris Cross.
Why is Toyota expanding now?
After the scandal in 2024, Toyota took a hit to sales and has slowly been recovering since then. It posted its Q3 earnings report on Wednesday, Feb. 5, which appeared to show sales starting to rebound between April and December 2024.
The report shows that fiscal profits in the third quarter were up 61%, charting $14 billion, with $81 billion in sales.
Toyota is looking to expand in China
After striking a deal with the local government in Shanghai, China, the automaker intends to set up shop there, creating a new company, which plans on producing new Lexus EVs, beginning in 2027.
It intends to produce around 100,000 of the vehicles in its first year, seeking to compete with BYD and other Chinese producers of EVs.
A new production center in the U.S.
Alongside these future plans in China, one of Toyota’s projects is coming to fruition in the United States. It plans on beginning production at its new facility in North Carolina in April 2025.
New Toyota battery manufacturing facility in Liberty, North Carolina, Getty Images
The plant will produce batteries for EVs, plug-ins and hybrid vehicles in the states. It cost around $14 billion to get the plant operational and will employ an estimated 5,000 people. It’s Toyota’s 11th manufacturing plant in the U.S., but the first outside of Japan to fully produce such batteries.
How is the EV market doing?
While Toyota expands, the EV market seems to be somewhat unsteady. Ford said “headwinds” are causing losses in the domestic EV market, and General Motors just touted that their EVs became variable profit positive in 2024.
Toyota’s chairman even stated last year that he believed EV adoption would eventually stall out, forecasting the market share of these models will max out around 30%. Now, the automaker is betting on electric offerings to help keep its resurgence going.
Judge rejects Sandy Hook families’ deal for a new auction of Alex Jones’ Infowars
A judge rejected a deal for a second sale attempt of Alex Jones’ InfoWars. The ruling may also create division among the two groups of families who sued Jones.
The judge denied the families’ settlement because they were asking Jones to divide assets from Infowars’ parent company, which had been dismissed from bankruptcy.
Jones praised the judge’s decision, asking his followers for financial support to help him during his legal fight.
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A federal bankruptcy court rejected a deal that would have set the stage for a second attempt to auction off Infowars, the media company owned by far-right radio show host Alex Jones. The decision Wednesday, Feb. 5, is another temporary pause for Jones, who is trying to maintain the audience he’s built up over the past two and a half decades.
Wednesday’s ruling is also another delay for Sandy Hook families seeking to collect compensation for damages they won after suing Jones for defamation nearly seven years ago.
Jones made false claims that the mass shooting at a Connecticut elementary school was a hoax to push a gun control agenda. Those claims led to harassment and stalking of the victims’ families by followers of the media outlet.
Some families sued for defamation in Connecticut, and others sued in Texas, where Jones is based.
After Jones refused to cooperate at trial, judges in each state found him liable by default.
The decision drove Jones and his company to file for bankruptcy.
What does the ruling mean for the families who sued Jones?
Wednesday’s decision now complicates the proposed sale of Jones’ platform. It may also create divisions between the two groups of families who sued him.
The Connecticut families won $1.3 billion, while the Texas families won $50 million.
They had proposed a settlement dividing future payments from Jones, with the Texas families receiving 25% and the Connecticut families 75%.
A judge rejected the settlement because the families asked him to divide assets from Infowars’ parent company, Free Speech Systems, which had been dismissed from bankruptcy last year.
The judge suggested the families and Jones’ bankruptcy trustee resolve the issue in state court or return with a new proposal.
The Connecticut families have said they are less interested in a financial win than in shutting down Infowars.
Warren and Trump are unlikely allies on debanking, but will he like her solution?
Sen. Elizabeth Warren and President Donald Trump are unlikely allies on the issue of debanking. However, they may be at odds on how to solve the problem.
Debanking is the closure of a customer or organization’s accounts by a financial institution.
Warren said the Consumer Financial Protection Bureau is the one agency working to stop debanking, but conservatives have worked to close CFPB for years.
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Sen. Elizabeth Warren, D-Mass., and President Donald Trump are in agreement over an issue affecting banking customers. But the progressive senator’s solution to debanking doesn’t line up with some of the president’s recent policy actions.
What is debanking?
Debanking is the closure of a customer or organization’s accounts by a financial institution. Generally, the practice is done due to a perceived financial, legal, regulatory or reputational risk to the bank.
Trump brought up the topic in January 2025 in response to a question from Bank of America CEO Brian Moynihan during a virtual address to the World Economic Forum in Davos, Switzerland.
“I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America,” Trump said. “I hope you’re going to open your banks to conservatives because what you’re doing is wrong.”
Several Republican-led states, like Florida, Arizona and Georgia, have passed laws that, in some capacity, stop banks from denying services over risks related to ESG, which stands for environmental, social and governance.
“Donald Trump was onto a real problem when he criticized Bank of America for its debanking practices,” Warren said during a committee hearing on the impact of debanking Wednesday, Feb. 5.
What are banks saying?
Banks are adamant that derisking policies are not arbitrary or related to political ideology.
“We never close accounts for political reasons and don’t have a political litmus test,” Bank of America told Straight Arrow News in an email.
“Now, when we de-bank someone, they often blame that reason, but that’s not a reason,” JPMorgan Chase CEO Jamie Dimon said on Chase’s “The Unshakeables” podcast in January 2025. “We don’t bank marijuana companies because there’s no federal law around it. We simply can’t follow the law. If there’s a federal law, we probably would, and we do bank some crypto companies, and very carefully. We are responsible in the law to fight sex trafficking, money laundering, tax avoidance. It’s the Bank Secrecy Act, and we have to follow that.”
Warren says the biggest banks are the biggest offenders
“In the last three years, 8,056 consumers filed complaints with the CFPB against a financial institution for improperly closing checking, savings, or other deposit accounts,” the analysis read. “In the same period, 3,899 consumers filed complaints related to being ‘unable to open’ a deposit account.”
“This shouldn’t be happening,” Warren said Wednesday. “So we need to figure out why, and who is responsible. My staff did some more work here as well. They found that just four big banks—Bank of America, JP Morgan, Wells Fargo, and Citibank—accounted for half of all the complaints filed at the CFPB.”
During the hearing, Anchorage Digital CEO Nathan McCauley said his company was informed in 2023 it would lose its accounts at an unnamed financial institution because the bank was uncomfortable with its crypto clients.
“They refused to provide any further explanation or allow us to speak with the risk management team. Needless to say, I was shocked,” McCauley said. “We had extreme difficulty finding new banking partners. We spoke to about 40 banks across the country and were rejected by all of them, many telling us they had a blanket policy against serving crypto clients.”
Trump and Warren split on solving the problem
Where Warren and Trump diverge on the issue is how to correctly address the problem.
“The CFPB is the one agency that is actively working to stop unfair debanking,” Warren said. “Right now, the agency has five different rules either in place or in progress that would help prevent debanking by addressing some of the root causes, from overdraft fee practices to religious discrimination. And the CFPB is working to hold banks accountable when they close law-abiding citizens’ and businesses’ accounts for no good reason.”
On Monday, Feb. 3, Bessent sent an email to staffers leaked to multiple media outlets. The email told CFPB employees to stop all work related to regulations, rulemaking and corporate investigations unless required by law.
“The freeze Secretary Bessent has put on the CFPB means more Americans across the country will be unfairly debanked, and they will lose the one agency that is working to help them,” Warren said.
Warren was instrumental in the creation of the CFPB before she was elected to the Senate. The agency, born out of the 2008 financial crisis and created by the 2010 Dodd-Frank Act, combined consumer financial protection authority from seven different agencies.
Conservatives have tried toppling CFPB in the courts by challenging the constitutionality of its funding. The agency gets its funding from the Federal Reserve Board, outside of congressional appropriations. But when the issue reached the Supreme Court, the majority sided with CFPB.
