The New York Post, citing unnamed insiders, claims that the administration of former US President Joe Biden leaned on some of the country’s largest banks to halt business dealings with Donald Trump.

During a recent interview with CNBC, Trump alleged that JPMorgan required him to withdraw hundreds of millions of dollars from his accounts, while Bank of America refused to accept those funds when he tried to transfer them. He did not provide specific dates, but the Post suggests the incidents likely took place after he left the White House in 2021.

According to the report, the alleged pressure followed the January 6 Capitol unrest, which occurred as Congress was certifying Biden’s win. At the time, Trump maintained that the Democrats had “stolen” the election.

A senior banking figure told the paper that in early 2021 Trump was seen as “too hot to handle,” and claimed regulators made it clear that doing business with him was risky. A JPMorgan contact reportedly said regulators “scared” banks away from such clients.

The US Office of the Comptroller of the Currency and the Federal Reserve allegedly scrutinized financial institutions under rules requiring them to consider reputational risks tied to customers — a policy critics say has been used to target conservatives and cryptocurrency firms.

Separately, The Wall Street Journal reported that Trump’s team had drafted an executive order aimed at punishing banks engaged in “de-banking” activities, which could be signed by the president in the coming days.