DFS Requests Information on Deutsche, Other Banks' Dealings With Jared Kushner
The request from the Department of Financial Services is only the latest attempt by regulators, prosecutors and other government officials into the the financial dealings of President Donald Trump's son-in-law.
February 28, 2018 at 04:50 PM
3 minute read
New York's banking and insurance regulator has asked Deutsche Bank and two New York lenders for information related to their dealings with Jared Kushner, President Donald Trump's son-in-law and a White House senior adviser, according to a person familiar with the investigation, but who is not authorized to speak publicly on the matter.
The New York Department of Financial Services last week sent letters to Deutsche Bank, Signature Bank and New York Community Bank seeking information between Kushner, his family and Kushner Cos., which develops real estate and is also a lender, according to the source.
The letter from the DFS is seeking information—as well as communications and documents—surrounding the financial agreements between Kushner, his business dealings and the three banks, according to the source. The agency is also requesting descriptions on how the banks processed Kushner's loans and whether the banks did any internal review of the Kushners and their companies, the person said.
DFS Superintendent Maria Vullo, an appointee of New York Gov. Andrew Cuomo, has asked for the banks to reply to her request by Monday, March 5, said the person familiar with the letters. Since all three banks are chartered in New York, they are under the purview of the DFS.
A spokesman for the department declined to comment on the inquiry.
In a statement, Signature Bank spokeswoman Susan Lewis confirmed that the Kushner family and Kushner Cos. has been a customer with the bank since 2010. She declined to comment on the DFS inquiry, citing legal restriction.
Spokesmen for Deutsche Bank and New York Community Bank also declined to comment.
Christine Taylor, a spokeswoman for Kushner Cos., said the company has not received a copy of the letter from the DFS.
“Our company is a multibillion enterprise that is extremely financially strong. Prior to our CEO voluntarily resigning to serve our country, we never had any type of inquiries,” she said. “These type of inquiries appear to be harassment solely for political reasons.”
The requests come amid uncertainty over Kushner's role in the White House, and represent only the most recent scrutiny over his business practices, according to reports.
Earlier this week, Kushner saw his security level downgraded after existing in purgatory since joining the White House team shortly after the presidential election in 2016.
Earlier this month, Bloomberg LP reported both the IRS and U.S. Department of Justice subpoenaed lenders and investors involved with Kushner family properties in New York and New Jersey, some dating back as far as 2010.
Kushner's company, which he left to take his position in the White House last year, is also being investigated by the U.S. Securities and Exchange Commission, along with federal prosecutors in New York, over its use of a visa program used to attract foreign investment, according to Bloomberg.
These investigations all appear to be separate from that of special counsel Robert Mueller, who is investigating possible collusion between the Trump campaign and Russia during the 2016 election. According to reports, Mueller has been looking into the financial dealings of a number of Trump family members, including Kushner. Reports have indicated Mueller has interest in Kushner's interaction with a Chinese company during the transition, Anbang Insurance, which was considering investing in the Kushner Cos.-owned 666 Fifth Ave. property in Manhattan. The company ultimately did not make an investment.
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