U.S. President Donald Trump said on April 23 that his administration will look into banks’ handling of payments and debts in the aftermath of the 2025 Los Angeles wildfires.
Two Los Angeles-area communities were devastated by wildfires in January 2025. The California Department of Forestry and Fire Protection reported that the Palisades fire caused 12 deaths, destroyed 6,845 structures, and damaged 975 more. The nearby Eaton fire, which ignited in Altadena on Jan. 7, 2025, claimed 19 lives. Combined, the fires have claimed 31 lives and destroyed more than 16,000 structures.
Last month, Trump said State Farm and other insurers should “get their act together,” following a meeting with California politicians.
Trump met with Los Angeles Mayor Karen Bass and Los Angeles County Supervisor Kathryn Barger on Thursday and said he is now turning his attention to banks.
“Since my strong action and statements with respect to Insurance Companies, and the way they were treating the Home Owners, that aspect of this Disaster has proceeded well — Big progress has been made, and those Companies are ’stepping up to the plate,’ as they should be,” Trump said in a 23 April post on Truth Social.
“The Banks, however, have a long way to go, and we will be looking into their actions, effective immediately. Wells Fargo, in particular, has been very difficult to deal with. The Banks must treat those people, who so horribly lost their Homes in this tragic fire, very fairly and well. I will be working with the Mayor, Supervisor, and everyone else to help this tragic situation go smoothly.”
A Wells Fargo spokeswoman told The Epoch Times via email that the company did not have a comment to share.
In an April 23 joint statement, 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 Gov. Gavin Newsom said in January 2025 that five major lenders, JPMorgan Chase, Wells Fargo, Bank of America, U.S. Bank, and Citigroup, would grant 90-day mortgage forbearance to homeowners in Los Angeles and Ventura fire zones. The relief included a pause in credit reporting and the potential for extended aid.
“After so much trauma, we hope this deal will provide thousands of survivors a measure of relief,” Newsom said at the time. “These financial protections will enable residents to concentrate on taking care of their immediate needs rather than worrying about paying their mortgage bills. I thank each of the financial institutions that are offering this help for Californians recovering from this catastrophic firestorm.”
Hellbound and Down 