Trump family sues Deutsche Bank, Capital One in order to block their compliance with congressional subpoenas

President Donald Trump and his three oldest children are suing to stop two banks from turning over financial records in response to congressional subpoenas.

Here's what we know

The president, Donald Trump Jr., Eric Trump, and Ivanka Trump are suing both Deutsche Bank and Capital One. The suit was filed in the Southern District of New York. They argue that since the financial records are not relevant for legislation, the subpoenas issued by the House of Representatives are illegal and in violation of privacy laws. Lawyers for the family members called the subpoenas "unlawful and illegitimate."

The House Intelligence Committee, which is chaired by Rep. Adam Schiff (D-Calif.), and the House Financial Services Committee, chaired by Rep. Maxine Waters (D-Calif.), have issued subpoenas to both banks for the Trumps' financial information.

According to the lawsuit filed by the Trump family, in addition to the president and his three oldest children, the subpoenas are requesting records "going back decades from anyone with even a tangential connection to the President, including children, minors and spouses."

According to a complaint written by the president's attorneys:

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. No grounds exist to establish any purpose other than a political one.

Trump's businesses have long invested in Deutsche Bank.

In a statement to CNN, Deutsche Bank said that it was "committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations."

What else?

In January 2017, Deutsche Bank agreed to pay the Department of Justice a $7.2 billion fine for its role in the 2008 financial crisis. It was also accused of helping facilitate financial transactions for Russian organized crime. In November, its offices were raided by the German police who suspected that some of its employees were engaged in a money-laundering scheme.