Proposed executive order would direct regulators to investigate banks for potential violations of Equal Credit Opportunity Act over political discrimination claims.

U.S. President Donald Trump on Tuesday said he believes that banks discriminate against him and his supporters, adding that Bank of America and JPMorgan Chase had previously refused to accept his deposits.

The White House is preparing to step up pressure against big banks over perceived discrimination against conservatives and crypto companies with an executive order that threatens to fine lenders that drop customers for political reasons.