House Dems ask Deutsche Bank for info on Trump accounts: report

Five House Financial Services Committee Democrats requested Wednesday that Deutsche Bank provide information detailing whether President Trump took out loans backed by Russia.

“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 wrote in a Tuesday letter to John Cryan, Deutsche Bank’s CEO.

They asked Cryan to hand over internal reviews to assess whether Trump’s loans are tied to the Russian government.

“It is critical that you provide this committee with the information necessary to assess the scope, findings and conclusions of your internal reviews,” they continued.

The lawmakers also requested information about a 2011 $10 billion Russian “mirror trading” scheme. This type of scheme, for example, would typically occur if an entity purchases stock from a Moscow bank in rubles, while another related entity sells the same shares to the bank’s London office in U.S. dollars. As a result, money — through the switched currency — would be slowly moved offshore.

The Democrats called on the bank to publicly address whether it has reviewed Trumps accounts, as well as the “mirror trading” scheme.

Renee Calabro, a spokeswoman for Deutsche Bank, declined to comment about the letter.

The Federal Reserve fined Deutsche Bank $156.6 million last month for “unsafe” foreign exchange trading practices as well as lacking other necessary safeguards.

In 2015, Deutsche Bank paid a record $2.5 billion in fines to settle American and British government charges that it conspired to manipulate market rates for their benefit.

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Updated: 2:46 p.m.

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