The ruling is the latest in a series of court losses for Trump as he fights House subpoenas, and the 2nd Circuit panel offered a full-throated defense of Congress as it investigates the President.
The House Intelligence and Financial Services committees are seeking more than 10 years of financial records on Trump, his three oldest children - Eric, Donald Jr. and Ivanka - and Trump's businesses. House Democrats, now in the midst of an impeachment inquiry against the president, hope the extensive financial records detail Trump's income, partners, business deals and any potential ties to foreign governments or illegal activity, according to the Times.
An attorney for Trump did not immediately return a request for comment, though his legal team is likely to swiftly appeal the decision, as he's done in the past.
Circuit Judge Jon Newman in the opinion stated that: "the interests of Congress in pursuing the investigations for which the challenged subpoenas were issued substantially "overbalance" the privacy interests invaded by disclosure of financial documents", describing the public need for the congressional investigation as "of the highest order".
Deutsche Bank was Trump's main lender, with several bankruptcies costing his other banks hundreds of millions of dollars, the Times reported.
The two banks have said the records involved in the case do not include Trump's tax returns.
The Supreme Court as soon as December 13 will decide whether to hear Trump's appeal of lower court rulings that directed Mazars LLP, his long-term accounting firm, to provide local prosecutors in New York Trump's personal and corporate tax returns from 2011 to 2018 as part of a criminal investigation.
The opinion also notes that Trump was subpoenaed for documents related to his personal dealings, and not his business in an official capacity. Livingston was appointed by President George W Bush, a Republican.
The Financial Services Committee subpoenaed Virginia-based Capital One, seeking records related to the Trump Organization's hotel business. It also gave Trump a limited chance to object to disclosure of certain documents. "Moreover, the public interest strongly supports allowing Deutsche Bank and Capital One to comply with the House's subpoenas because, as Judge Newman rightly recognized, "t$3 he public interest in vindicating the Committees' constitutional authority is clear and substantial". The ruling said Trump's case didn't meet the standard for a preliminary injunction, though they did establish that the plaintiffs would suffer irreparable injury if the financial records were released to Congress.
Trump's personal lawyer, Jay Sekulow, suggested the next step will be an appeal to the Supreme Court.