German bank: Privacy laws prevent disclosing Trump financial information

President Donald Trump speaks during an Infrastructure Summit with U.S. governors And mayors in the State Dining Room of the White House  on Thursday.

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President Donald Trump speaks during an Infrastructure Summit with U.S. governors And mayors in the State Dining Room of the White House on Thursday.

Germany's largest bank told Congress on Thursday that it is not allowed to share any information it may have about President Donald Trump's finances and possible ties to Russia, Reuters reported.

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In a letter to five Democratic members of the House of Representatives, Deutsche Bank AG said it was barred from revealing information due to U.S. privacy laws, Reuters reported.

"We hope that you will understand Deutsche Bank's need to respect the boundaries that Congress and the courts have set in an effort to protect confidential information," lawyers for Germany’s largest bank wrote.

Deutsche Bank's correspondence follows a May 23 request from Maxine Waters, ranking Democrat on the House of Representatives' Financial Services Committee, and four peers, requesting information about Trump.

Waters' office did not immediately respond to a request for comment.

In May, Congress asked Deutsche Bank to share what it might know about Trump's real-estate business and whether the president had financial backing from Russia, Reuters reported. Deutsche Bank was given until June 2 to respond, but the German lender requested more time.

Public records show that Deutsche Bank loaned Trump millions of dollars for real-estate ventures.

The Democrats do not have the power to compel Deutsche Bank to comply, Reuters reported. The Financial Services Committee has subpoena power, but Republican committee members, who make up the majority of the panel, would have to cooperate.

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