A federal judge in New York on Wednesday ruled Deutsche Bank and Capital One can comply with subpoena requests made by congressional Democrats to turn over President Trump’s financial and business records, despite objections from the Trump family.

Lawyers representing Trump, his family and his organization were asking for the subpoenas to be nullified and had sued the financial institutions to block them from handing over the documents, but U.S. District Judge Edgardo Ramos said Congress has the authority to investigate.

"The power of Congress to conduct investigations is inherent in the legislative process," Ramos, who was appointed during President Barack Obama's tenure, said. He added that while the requests are broad," they are also "clearly pertinent."

Lawyers for President Trump said it is a "safe bet" they would appeal.

A spokesperson for Deutsche Bank said the company would "abide by a court order" regarding the investigation.

House Democrats are looking to obtain more information about Trump’s financial affairs, potential dealings with Russia, and to look into possible connections to interference in U.S. elections.

A couple of congressional committees subpoenaed Deutsche Bank, and other financial institutions, last month as they sought to procure Trump’s financial records. Lawyers representing the president and his family claim that the requests violate the Trump’s privacy and serve no legislative purpose – arguments that were struck down on Wednesday.

Earlier this week, the president was dealt a blow in a D.C. court, after a federal district judge ruled that his former accounting firm – Mazars – will be required to turn over his financial records and documents.

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Democrats are also asking for Trump’s financial records from the IRS. The Treasury Department, under Secretary Steven Mnuchin, has so far failed to comply.

In a press conference in the Rose Garden earlier on Wednesday, Trump told reporters that it was not possible to work with Democrats on policy while these investigative issues lingered.

FOX Business reached out to Capital One for comment and will post an update if the company replies. </s> A federal judge dealt a blow to President Donald Trump on Wednesday, ruling that two banks can hand over his financial documents in response to congressional subpoenas.

The Trump family and company sued Deutsche Bank and Capital One last month in an effort to block them from turning over financial documents sought by Congress. The House Intelligence and Financial Services committees had issued subpoenas to several banks as part of their investigations of alleged foreign influence on U.S. elections.

In his ruling, U.S. District Judge Edgardo Ramos said he disagrees with the arguments from the Trump family attorneys that the subpoenas don't have a legitimate legislative purpose.

Ramos described the subpoenas as "undeniably broad" but "clearly pertinent."

Deutsche Bank has lent Trump's real estate company millions of dollars over the years. Capitol One is among the banks that houses Trump's personal accounts.

In a statement released after the ruling, Deutsche Bank said it won't fight the judge's order.

“We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations," the statement read.

Capital One did not immediately return a request for comment.

Trump wrote a $35,000 check to his former personal attorney Michael Cohen from his Capital One checking account. The money was tied to the effort to pay off porn star Stormy Daniels, who alleged that she had an affair with Trump before he took office.

Cohen submitted the check to Congress ahead of his testimony in March. </s> Eric Trump, Donald Trump Jr., Donald Trump and Ivanka Trump attend the Trump International Hotel Washington, D.C Groundbreaking Ceremony at Old Post Office on July 23, 2014 in Washington, DC.

Ramos, an appointee of President Barack Obama, said in U.S. District Court in Manhattan that the Trump clan's arguments "are not sufficiently serious as it relates to Supreme Court precedent" dealing with the question of turning over documents to Congress.

Judge Edgardo Ramos' ruling came after a hearing at which lawyers for Trump, his three older children, Donald Jr ., Eric and Ivanka , and the Trump Organization argued that the subpoenas to the two banks should be quashed. An appeal of the decision is all but certain.

A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in response to subpoenas from two Democrat-led House committees.

The judge also disagreed with the argument by the Trump legal team that the demands for the documents from House Financial Services and Intelligence committees lacks a legitimate legislative purpose. Ramos said there is such a purpose in the request by the panels, which are probing alleged foreign influence in U.S. elections.

The subpoenas, Ramos said, are "undeniably broad but are clearly pertinent."

The White House and a spokesman for the Trump Organization did not immediately respond to a request for comment. Trump has said he is "fighting all the subpoenas" issued by House Democrats, who are conducting a broad inquiry into his financial affairs.

The ruling in the New York court came two days after another federal judge, in Washington, D.C., said Trump's accountants at the firm Mazars had to comply with a subpoena from the House Oversight and Government Reform Committee for his financial records.

Deutsche Bank for years has been the main lender for Trump, whom other banks have avoided loaning money to because of his repeated bankruptcies. Capital One is in possession of financial records related to the Trump Organization's hotels. Neither bank had opposed the subpoenas.

In a statement to CNBC after the ruling, Deutsche Bank spokeswoman Kerrie McHugh said, "We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations."

The Trump family's lawyers, in a lawsuit filed against Deutsche Bank and Capital One in late April, challenged the demands for financial documents from the lenders, saying subpoenas from House Democrats "were issued to harass President Donald J. Trump, to rummage through every aspect of his personal finances, his businesses, and the private information of the President and his family."

Neither Deutsche Bank nor Capital One objected in court to the subpoenas. But House Democrats intervened in the lawsuit to argue against the Trump family's effort to quash the document demands.

Ramos' ruling came hours after the New York state Legislature passed two bills aimed at Trump, which would allow Trump's state tax returns to be turned over to Congress if they are requested. Gov. Andrew Cuomo has said he supports that idea, but has yet to say whether he will sign the bills.

The Treasury Department last week defied a subpoena from the U.S. House Ways and Means Committee for six years of federal tax returns of Trump and his business. But much of the information on those returns would be replicated in state tax returns.

During the court hearing Wednesday, Trump's lawyer, Patrick Strawbridge, argued that the subpoenas exceeded Congress' authority by being overbroad. He noted emphasizing that the committees were "literally looking for records about minors" related to Trump, as well as his in-laws.

At another point, Strawbridge argued that courts have made it "clear" that Congress "cannot cross the line into law enforcement activity."

Douglas Letter, an attorney for the committees seeking the documents, retorted that there is is "absolutely no merit to any of these arguments" made by Strawbridge.

"This is being totally misportrayed," Letter said.

Letter said that the subpoenas are broad, and asked for documents going back a number of years, because the committee are investigating things such as money laundering and engagement with foreign entities — "including Russian oligarchs" — over "a long period of time."

Ramos then asked why the committee was bothering to ask for "domestic documents" if that was the case.

"You have to look at: 'where's it going? ' " Letter responded, referring to money. "It's all tied together."

Letter criticized the Trump family's legal effort to thwart the subpoenas, saying that the lawsuit only had been filed "because of a massive and fundamental misunderstanding" of Congress' role "by Mr. Trump."

"He sees us as a nuisance," Letter said, referring to the president.

Asked by the judge if the financial records could be made public, Letter said that the committees did have that power.

But they "wouldn't do it willy-nilly," Letter insisted.

"We would of course listen" to the people whose records were subpoenaed, but ultimately "this is for the Congress" to decide, Letter said.

Lawyers for Deutsche Bank and Capitol One declined an opportunity to speak in court.

The judge said in his ruling that the attempt to block the subpoenas was "unlikely to succeed on the merits."

"The court concludes that a preliminary injunction" being proposed by Trump's lawyers "is inappropriate," Ramos said.

WATCH: The saga of Trump's taxes </s> A federal judge dealt a blow to President Donald Trump on Wednesday, ruling that two banks can hand over his financial documents in response to congressional subpoenas.

The Trump family and company sued Deutsche Bank and Capital One last month in an effort to block them from turning over financial documents sought by Congress. The House Intelligence and Financial Services committees had issued subpoenas to several banks as part of their investigations of alleged foreign influence on U.S. elections.

In his ruling, U.S. District Judge Edgardo Ramos said he disagrees with the arguments from the Trump family attorneys that the subpoenas don’t have a legitimate legislative purpose.

Ramos described the subpoenas as “undeniably broad” but “clearly pertinent.”

Ramos issued his ruling after hearing arguments from lawyers representing the Trump and the Democratic-controlled congressional committees.

The Trump family lawyers signaled that they will appeal the ruling, but they did not comment after the hearing.

Deutsche Bank has lent Trump’s real estate company millions of dollars over the years. Capitol One is among the banks that houses Trump’s personal accounts.

In a statement released after the ruling, Deutsche Bank said it won’t fight the judge’s order.

“We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations,” the statement read.

Capital One did not immediately return a request for comment.

Trump wrote a $35,000 check to his former personal attorney Michael Cohen from his Capital One checking account in August 2017. The money was tied to the effort to pay off porn star Stormy Daniels, who alleged that she had an affair with Trump before he took office.

Cohen submitted the check to Congress ahead of his testimony in March.

In the lawsuit, Trump’s attorneys argued that the subpoenas were politically motivated and unwarranted.

“The subpoenas were issued to harass President Donald J. Trump; to rummage through every aspect of his personal finances, his businesses and the private information of the president and his family; and to ferret about for any material that might be used to cause him political damage,” said the suit, filed on behalf of Trump, his company and three eldest children — Donald Jr., Eric and Ivanka. </s> NEW YORK (Reuters) - Lawyers for U.S. President Donald Trump, three of his children and the Trump Organization will demand in court on Wednesday that a judge stop Deutsche Bank AG and Capital One Financial Corp from providing financial records to Democratic lawmakers investigating Trump’s businesses.

Republican Trump, who is seeking re-election next year, has aggressively sought to defy congressional oversight of his administration since Democrats took control of the U.S. House of Representatives in January.

Trump said last month that the administration was “fighting all the subpoenas” issued by the House, hardening his position after the release of a redacted report from Special Counsel Robert Mueller on how Russia interfered in the 2016 U.S. election to help Trump and the president’s attempts to impede the investigation.

The contents of the subpoenas have not been made public. Wednesday’s hearing in federal court in Manhattan is scheduled for 2:30 p.m. (1630 GMT).

Deutsche Bank has long been a principal lender for Trump’s real estate business and a 2017 disclosure form showed that Trump had at least $130 million of liabilities to the bank.

In March, before issuing a subpoena, Democratic lawmakers asked Capital One for documents concerning potential conflicts of interest tied to Trump’s Washington hotel and other business interests since he became president in January 2017.

Deutsche Bank and Capital One said in court filings on May 10 they are not taking a position on whether the subpoenas should be blocked.

Trump, his adult children, Donald Jr., Eric and Ivanka, and the Trump Organization are seeking a preliminary injunction to prevent Deutsche Bank complying with subpoenas from the House Financial Services Committee and the House Intelligence Committee, and Capital One from complying with a subpoena from the Financial Services Committee.

In a lawsuit filed on April 29, lawyers for Trump, his children and the Trump Organization argued that the subpoenas were too broad, and that Democrats are hoping they will “stumble upon something” that could be used for political attacks on the president.

“The subpoenas were issued to harass President Donald J. Trump, to rummage through every aspect of his personal finances, his businesses, and the private information of the President and his family,” the complaint said.

The banks are the only defendants in the case, but the House committees have intervened to oppose Trump’s effort to block the subpoenas.

“We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations,” Deutsche Bank said in a statement ahead of the hearing.

Representative Maxine Waters, who chairs the House Financial Services Committee, told reporters after the lawsuit was filed that Trump had “cast a gauntlet.” “We will fight him,” she said.

Michael Stern, who served as senior House counsel from 1996 to 2004, said in an interview on Tuesday that Trump and the other plaintiffs faced an uphill battle. He said the judge was unlikely to look into the committee’s motives in issuing a subpoena “as long as it might produce some information that’s relevant to legislation.”

On Monday, a federal judge in Washington ruled against the president in a similar case, finding that Trump’s accounting firm, Mazars LLP, must comply with a congressional subpoena for Trump’s financial records.

U.S. District Judge Amit Mehta found that Congress was “not engaged in a fishing expedition for the President’s financial records when it subpoenaed Mazars and said that documents obtained might assist Congress in passing laws and performing other core functions.

Trump called Mehta’s decision “crazy” and “totally the wrong decision by obviously an Obama-appointed judge,” referring to Trump’s Democratic predecessor, Barack Obama. U.S. District Judge Edgardo Ramos, who was also appointed by Obama, is overseeing the New York case. </s> NEW YORK — A federal judge on Wednesday rejected a request by President Trump to block congressional subpoenas for his banking records, dealing another blow to the president in his bid to block Democratic investigations into his personal finances.

The decision by District Court Judge Edgardo Ramos could clear the way for Deutsche Bank, the president’s biggest creditor, and Capital One to hand over years of financial records from Trump, his three eldest children and the president’s company to two House committees. Trump’s attorney told Ramos they were likely to appeal the decision.

This is the second court defeat for Trump this week in his fight to keep his finances secret. On Monday, a federal judge in Washington rejected Trump’s effort to block the House Oversight Committee’s demands for records from Trump’s accounting firm, Mazars USA. Trump’s attorneys notified the judge on Tuesday that they have appealed “all aspects” of that ruling.

“Two in one week: Mazar Monday, Deutsche Bank today,” House Speaker Nancy Pelosi (D-Calif.) said.

“Another Day, another very important ruling,” Rep. Adam Schiff (D-Calif.) said. Schiff is chair of the House Intelligence Committee, which issued a subpoena to Deutsche Bank.

Trump and congressional Democrats are locked in an escalating fight over the president’s financial records. The Treasury Department has also declined to turn over the president’s tax returns to a congressional committee despite a confidential Internal Revenue Service legal memo that found it should.

Trump and his attorneys have called the subpoenas from the various House committees politically motivated attacks and presidential harassment. The House Intelligence and Financial Services committees are asking for a broad set of financial information that would violate the president’s privacy, Trump’s attorneys argued in federal court Wednesday.

“They are looking for [bank] records about minors, about in-laws,” said Trump attorney Patrick Strawbridge, claiming that even information about Trump’s grandchildren could be swept up in the subpoenas of Deutsche Bank and Capital One.

An attorney representing the House committees said the subpoenas were part of a larger investigation and that lawmakers were well within their rights to request the information. “This is not an investigation just about Trump and his family,” said attorney Douglas Neal Letter.

After hearing more than hour and a half of arguments, Ramos rejected Trump’s motion for a preliminary injunction that would have prevented the banks from turning over any financial records. Trump and his family “are unlikely to succeed on merits of their claims," Ramos said, reading from a lengthy decision from the bench. “I will not enjoin enforcement of the subpoenas."

This bring House Democrats one step closer to getting access to a trove of financial information about Trump and his business.

Deutsche Bank has been a major lender to both the Trump Organization and Kushner Companies, which previously was run by Trump’s son-in-law, Jared Kushner, who now is a presidential adviser. Trump’s relationship with the bank goes back years, including a period when Trump had trouble paying back a loan for a Chicago tower. Trump sued the bank, saying it had played a role in a broader financial crisis that hurt the project. Trump and Deutsche Bank eventually settled the case and the bank continued to lend to him.

Kushner also has an extensive relationship with the German bank. Shortly before Election Day in 2016, Deutsche Bank finalized a $285 million loan to Kushner’s real estate company, The Washington Post has previously reported. At the time, the bank was negotiating settlements with federal and New York regulators.

Congressional Democrats have long said they want to examine the bank’s loans to the Trump and Kushner businesses, particularly to see if there is any connection to money-laundering in Russia.

In a statement, Deutsche Bank said: “We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations.”

Capital One did not return an email seeking comment.

Kranish and Sonmez reported from Washington. Reis Thebault and Karoun Demirjian contributed to this report. </s> A federal judge dealt a blow to President Donald Trump on Wednesday, ruling that two banks can hand over his financial documents in response to congressional subpoenas.

The Trump family and company sued Deutsche Bank and Capital One last month in an effort to block them from handing over financial documents sought by Congress. The House Intelligence and Financial Services committees had issued subpoenas to several banks as part of their investigations of alleged foreign influence on U.S. elections.

In his ruling, Judge Edgardo Ramos said he disagrees with the arguments from the Trump family attorneys that the subpoenas don't have a legitimate legislative purpose.

Deutsche Bank has lent Trump's real estate company millions of dollars over the years. Capitol One is among the banks that houses Trump's personal accounts.

Trump wrote a $35,000 check to his former personal attorney Michael Cohen from his Capital One account with Capital One. The money was tied to the effort to pay off two women who alleged they had affairs with Trump before he took office. </s> A federal judge in Washington ruled Monday against President Trump in a financial records dispute with Congress.

U.S. District Judge Amit Mehta, who was appointed by President Barack Obama, said Trump cannot block a House subpoena of financial records. He said the Democratic-led House committee seeking the information has said it believes the documents would help lawmakers consider strengthening ethics and disclosure laws, among other things.

The committee's reasons were "valid legislative purposes," Mehta said, and it was not for him "to question whether the Committee's actions are truly motivated by political considerations."

The decision comes amid a widespread effort by the White House and the president's lawyers to refuse to cooperate with congressional requests for information and records.

In the case before Mehta, Trump and his business organization sued to block the subpoena issued in April to Mazars USA, an accountant for the president and Trump Organization. Trump's lawyers accused Democrats of harassing Trump and said the subpoena "has no legitimate legislative purpose."

Trump's lawyers, in suing in both Washington and New York in attempt to beat back congressional subpoenas, said congressional investigations are legitimate only if there is legislation that might result from them.

In the New York case, Trump, his business and family have sued Deutsche Bank and Capital One to prevent the financial companies from complying with subpoenas from the House Financial Services Committee and the House Intelligence Committee for banking and financial records. A Wednesday hearing is planned in that case.

Even before the ruling, scholars had said Trump's legal argument had little merit and that Congress has broad powers to investigate. </s> WASHINGTON, DC, USA (AP) — A federal judge in Washington ruled yesterday against President Donald Trump in a financial records dispute with Congress.

US District Judge Amit Mehta, who was appointed by President Barack Obama, said Trump cannot block a House subpoena of financial records. He said the Democratic-led House committee seeking the information has said it believes the documents would help lawmakers consider strengthening ethics and disclosure laws, among other things.

The committee's reasons were “valid legislative purposes”, Mehta said, and it was not for him “to question whether the committee's actions are truly motivated by political considerations.”

The decision comes amid a widespread effort by the White House and the president's lawyers to refuse to cooperate with congressional requests for information and records.

In the case before Mehta, Trump and his business organisation sued to block the subpoena issued in April to Mazars USA, an accountant for the president and Trump Organisation. Trump's lawyers accused Democrats of harassing Trump and said the subpoena “has no legitimate legislative purpose”.

Trump's lawyers, in suing in both Washington and New York in attempt to beat back congressional subpoenas, said congressional investigations are legitimate only if there is legislation that might result from them.

In the New York case, Trump, his business and family have sued Deutsche Bank and Capital One to prevent the financial companies from complying with subpoenas from the House Financial Services Committee and the House Intelligence Committee for banking and financial records. A Wednesday hearing is planned in that case.

Even before the ruling, scholars had said Trump's legal argument had little merit and that Congress has broad powers to investigate. </s> The House Oversight and Reform Committee is one step closer to obtaining President Donald Trump’s financial records—but the end might still be just out of sight.

U.S. District Judge Amit Mehta upheld the Committee’s subpoena on Monday, arguing that it has the authority to examine Trump’s records.

But what happens next?

Both sides have agreed to a waiting period for the next seven days. In that period, Mazars, Trump’s accounting firm, cannot release any documents.

The first step for Trump’s legal team is to appeal the ruling within that time frame. Trump attorney Jay Sekulow said that they “will be filing a timely notice of appeal to the D.C. Circuit Court of Appeals.”

An earlier request to issue a stay on the ruling from another Trump attorney, William Consovoy, was denied. Mehta ruled that the the public interest in “maximizing the effectiveness of the investigatory powers of Congress” was greater than possible damages to Trump.

Without a stay on the ruling, Mazar’s could theoretically comply with any subsequent request from the House Committee to disclose Trump’s financial records before an appeals court intervenes. The appeals court would have to step in first to prevent the firm from complying.

Even if the case were to make it to the appeals court before any records are shared, legal experts widely expect that Trump’s legal reasoning will not hold up in court. If the subpoena is upheld, Trump would be legally obligated to provide these records to Congress, paving the way for deeper investigations into Trump’s finances and the Trump Organization.

Mazars did not take a legal position on the case and has said that it “will respect the legal process and fully comply with its legal obligations.”

“We disagree with that ruling, it’s crazy,” he told reporters. “As far as the financials are concerned, it’s totally the wrong decision by obviously an Obama-appointed judge.”

“This has never happened to any other president,” he added, arguing that Democrats were seeking an opportunity to even out the score following the conclusion of Mueller’s investigation. “The Democrats were very upset with the Mueller report, as perhaps they should be,” he said.

Mehta’s ruling is the first time a federal court has weighed in on the issue of Congressional subpoena power versus executive privilege. While lengthy litigation on the matter of Trump’s financial records is to be expected, the outcome will have far-reaching implications for similar instances in which the House is seeking other records from Trump and members of his cabinet.

The House has already flagged the ruling to a judge in New York who is currently considering House subpoenas to Deutsche Bank and Capitol One for other Trump financial records.

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Judge Edgardo Ramos of the United States District Court for the Southern District of New York rules Deutsche Bank and Capital One can release President Trump's financial records to Congress.