In denying Trump's effort to block the subpoenas, the appeals court wrote that the president should not be shielded from producing the financial records to congressional lawmakers.
A US appeals court on Tuesday handed President Donald Trump another defeat in his bid to keep his financial records secret, directing Deutsche Bank AG and Capital One Financial Corp to comply with subpoenas from congressional Democrats demanding the material.
The ruling from the 2nd U.S. Circuit Court of Appeals in NY marked a significant setback for the Republican businessman-turned-president in his efforts to shield his finances from scrutiny.
Trump, the Trump Organization and the president's oldest children have steadfastly refused to surrender their records to Congress.
"A court ruling against him, if upheld by the Supreme Court, would be a major turning point", Mimi Rocah, a former federal prosecutor in Manhattan and critic of the president, said in an interview before the ruling.
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The House previously served subpoenas on Deutsche Bank and Capital One for the records, yet Trump immediately sued to block their release.
The split decision from the 2nd US Circuit Court of Appeals is another setback for the White House.
In a 106-page decision released on Tuesday, a NY federal appeals court said the banks must comply with the congressional subpoenas but introduced a caveat given the volume of documents requested. It notes, among other things, that the congressional committees' "interests in pursuing their constitutional legislative function is a far more significant public interest than whatever public interest inheres in avoiding the risk of a Chief Executive's distraction arising from disclosure of documents reflecting his private financial transactions".
Trump also is due to file by Thursday his appeal of a court ruling in Washington directing Mazars to turn over his financial records to the House Oversight Committee. But that is mitigated by the District Court review ordered by the court, the judges ruled.
Meanwhile, it's a safe bet that the president's legal team will take the matter to the U.S. Supreme Court, which recently handed Trump a temporary victory, blocking the subpoena in the Mazars case.