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Trump loses appeal to block banks from handing over his financial records to Congress

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President Donald Trump speaks to reporters on the South Lawn of the White House in July. -
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A federal appeals court ruled Tuesday that it would not block congressional subpoenas for President Donald Trump's financial records from Deutsche Bank and Capital One, affirming a lower court ruling and dealing the president another legal blow.

Trump and several members of his family sued Deutsche Bank and Capital One earlier this year seeking to block them from responding to the subpoenas issued by House Democrats, which they said had "no legitimate or legislative purpose." The Democratic-controlled House Intelligence and Financial Services Committees issued the subpoenas in April as part ofinvestigations into alleged foreign influence in U.S. elections.

Judges Debra Ann Livingston, Peter Hall and Jon O. Newman wrote in a more than 100-page decision that the Trumps' "motion for a preliminary injunction was properly denied, except as to disclosure of any documents that might be determined to be appropriate for withholding from disclosure pursuant to our limited remand."

"The serious-questions standard is inapplicable, the balance of hardships does not tip decidedly in favor of Appellants, and the public interest favors denial of a preliminary injunction," they wrote, placing a seven-day stay on the subpoenas so that the Trumps may file an appeal.

An attorney for Trump did not immediately respond to a request for comment from NBC News. Deutsche Bank, Capital One, House Intelligence Committee Chairman Adam Schiff or House Financial Services Chairwoman Maxine Waters also did not immediately respond to a request for comment.

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