I’m adding this CNN reporting to highlight the following paragraph:
The lawsuit in New York claims that the subpoenas the House Intelligence Committee and House Financial Services Committee sent to Deutsche Bank and Capital One aren’t valid because they violate banking privacy law and they are not for shaping legislation. Yet at least one other court has said previously that claims like those can’t stop congressional subpoenas.
CNN is referring to Fusion GPS’s attempt to block TD Bank from turning over its financial records to Congress. They made the same arguments that Trump’s lawyers are making and they lost. Period. And it’s important to note that it was a Republican controlled House Committee that set this precedent. Now that the Democrats are in control, they have every right to take the same steps in their investigations of Trump’s finances. There is ample probable cause – for example, Michael Cohen’s testimony (backed up by documentation) that Trump committed insurance fraud and bank fraud.
Here’s some excerpts from the January, 2018, CNN article about Fusion GPS’s failed litigation to stop Republicans from obtaining its bank records:
… The financial records that Fusion GPS fought for months to keep out of the hands of Congress have been turned over, according to a new court filing.
TD Bank “has produced all remaining responsive documents” to the House Intelligence Committee under the terms of a confidential settlement, a lawyer for the House wrote Friday afternoon.
Fusion GPS had argued that handing over those 70 documents in response to a subpoena from the House committee’s Russia investigators could reveal its clients, hinder its business and step on its First Amendment rights. Fusion GPS said that once the committee had the documents, its clients’ names and financial details would be likely to leak.
Before the handover of documents Friday, a federal judge [Judge Richard Leon, U.S. District Court, DC] had disagreed with Fusion GPS’ protests, and the company pledged to appeal.