Deutsche Bank AG and Capital One Financial Corp will not have to immediately hand over the financial records of US President Donald Trump, three of his children and the Trump Organization, according to a court filing on Saturday.
The filing in US District Court for the Southern District of New York followed an appeal submitted on Friday by Trump and his affiliates against an existing order from a federal judge allowing the banks to hand over financial records to Democratic lawmakers.
Breaking on @MSNBC: NBC News has confirmed that attorneys for Trump have come to an agreement with House Democrats to essentially stay the subpoena request for documents on Deutsche Bank & Capital One.
— Kyle Griffin (@kylegriffin1) May 25, 2019
In exchange, Trump's lawyers have agreed to an expedited court schedule.
Amid an ongoing legal battle between the Republican president and Democrats in Congress, the agreement to hold off for now on enforcing the subpoenas for Trump's financial records was a rare accord between Trump's attorneys, the banks and the House Intelligence and the Financial Services Committees.
"The parties have reached an agreement regarding compliance with and enforcement of the subpoenas" while the appeal to the 2nd US Circuit Court of Appeals is pending, the filing said.
Parts of the subpoenas have been included in court filings. The subpoena on Deutsche Bank seeks records of accounts, transactions and investments linked to Trump, his three oldest children, their immediate family members and several Trump Organization entities, as well as records of ties they might have to foreign entities.
"If the President is really declassifying material and putting everything out there ... then why is he blocking every congressional subpoena?" CNN's Erin Burnett on President Trump giving Attorney General Barr sweeping new powers https://t.co/tYGLUKxltd pic.twitter.com/U04c1JteeK
— CNN (@CNN) May 25, 2019
Deutsche Bank has long been a principal lender for Trump's real estate business and a 2017 disclosure form showed that Trump had at least $130 million of liabilities to the bank.
The subpoena on Capital One seeks records related to multiple entities tied to the Trump Organization's hotel business. It followed an informal request to the bank by Democratic lawmakers in March seeking records related to potential conflicts of interest tied to Trump's Washington hotel and other businesses.
A lawyer for the Trumps argued earlier this week that the subpoenas exceeded the authority of Congress and were "the epitome of an inquiry into private or personal matters."
US District Judge Edgardo Ramos, however, found that they were allowed under the broad authority of Congress to conduct investigations to further legislation.