US President Donald Trump said his administration would look into banks – singling out Wells Fargo – over payments and debt treatment after the Los Angeles wildfires, marking the latest friction with the banking industry.
The 2025 Palisades Fire in Los Angeles and Eaton Fire in Altadena killed 22 people, destroyed some 12,000 homes and caused over $50 billion in property damage.
“Wells Fargo, in particular, has been very difficult to deal with,” Trump said in a post on Truth Social late on Thursday. “The Banks must treat those people, who so horribly lost their Homes in this tragic fire, very fairly and well.”
A spokesperson for Wells Fargo declined to comment.
Trump’s second term has fuelled friction with Wall Street, as allegations of “debanking” and exchanges over credit card rate caps have strained ties with executives at big banks despite a broader deregulatory push favouring the sector.
It was not clear how Trump would look into banks or if his administration would take any potential action. The banks have said they provided forbearance to borrowers affected by the wildfires and gave financial assistance to help in the relief efforts.
The president made the post after meeting with Los Angeles Mayor Karen Bass and Los Angeles County Supervisor Kathryn Barger.
In a joint statement posted to Bass’ X account on Wednesday, Bass and Barger said they had “a very positive discussion about FEMA and other rebuilding funds, as well as the support of the President to continue joining us in pressuring the insurance companies to pay what they owe – and for the big banks to step up to ease the financial pressure on LA families.”
California Governor Gavin Newsom announced in January 2025 that five major lenders – JPMorgan Chase, Wells Fargo, Bank of America, US Bank and Citigroup – would grant 90-day mortgage forbearance to homeowners in Los Angeles and Ventura fire zones. The relief included paused credit reporting and potential for extended aid.
Later, it was legally required that a lender provide up to 12 months of mortgage forbearance in the state to borrowers facing financial hardship as a result of the wildfire disaster.
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