FACT FOCUS: Trump claims US banks cannot operate in Canada. That’s not true

President Donald Trump falsely claimed Wednesday that U.S. banks are barred from operating in Canada, reviving a longstanding grievance during an Oval Office meeting with U.S. travel executives. Trump said Canada allows its major banks to operate in the United States while preventing American banks from doing business there. Canadian banking records contradict that claim. Canada’s Bank Act explicitly provides for authorized foreign banks, and its current Schedule III list includes Bank of America. The Canadian Bankers Association says 15 U.S.-based banks operate in Canada through branches or subsidiaries, including JPMorgan Chase, Citibank, Bank of America, Capital One and Wells Fargo. U.S. banks do face regulatory constraints, particularly foreign-bank branches, and Canada’s major domestic banks dominate retail banking. The Bank of Canada, which Trump cited among Canada’s banks, is instead the country’s central bank and does not provide personal banking services. No new banking policy was announced with Trump’s remarks. �