Senator Warren asks DOJ for criminal probe of Bank of America

Senator Elizabeth Warren sent a letter dated October 29, 2026 to Attorney General Todd Blanche asking the Justice Department to open a full criminal investigation into Bank of America and, if warranted, to prosecute the bank and its executives. She described the $1.21 billion anti-money laundering penalty imposed by Treasury as a slap on the wrist. The bank has said it has made substantial progress on the compliance failures, and CEO Brian Moynihan reassigned about 1,000 employees to remediation work. The request is a political step rather than a charging decision, so the practical outcome for the bank remains uncertain.

1. Sen. Elizabeth Warren's letter to Attorney General Todd Blanche is dated October 29, 2026.
2. Warren asked the Justice Department to conduct a full criminal investigation and, if the facts warrant, prosecute the bank and its executives.
3. Warren called the roughly $1.21 billion anti-money laundering penalty a slap on the wrist.
4. Bank of America said it has made substantial progress addressing the compliance failures.
5. Reuters reported that CEO Brian Moynihan reassigned 1,000 employees to remediation efforts as regulators demanded independent reviews.
6. The penalty reduced third-quarter 2026 earnings by about 17 cents per share.