In subpoenas issued in April, the House Financial Services Committee and the Intelligence Committee asked Deutsche Bank for records related to Trump, three of his children and the Trump Organization. The House Democrats are probing the president's business dealings in connection to potential foreign influence in the election.
A three-judge panel of the Second Circuit Court of Appeals issued the ruling after Trump filed an appeal in August after a district judge in NY declined to block subpoenas issued by two congressional committees.
"The Supreme Court has said that a high degree of deference should be accorded to actions taken exclusively by Congress", the court's opinion said.
Brianne Gorod, chief counsel for the Washington, D.C. -based nonprofit Constitutional Accountability Center and an expert in the constitution law, told ABC News that the ruling is a "resounding victory" not only for House Democrats but also for the rule of law. Livingston was appointed by President George W Bush, a Republican. A month ago, for example, a federal appeals court ruled against Team Trump, which had tried to block a subpoena from ny prosecutors who are seeking the president's financial records as part of an investigation into the Republican's hush-money scandal.
Trump and several members of his family sued Deutsche Bank and Capital One this year seeking to block them from responding to the subpoenas issued by House Democrats, which they said had "no legitimate or legislative objective".
"We believe the subpoenas at issue are not invalid", said Jay Sekulow, a lawyer for Trump.
A separate three-judge panel of the 2nd Circuit also unanimously rejected Trump's effort to block NY grand jury subpoenas for his eight years of Trump's tax returns from his accounting firm.
In separate legal cases, Trump also has sought to block House Democrats from obtaining his tax and financial records from his long-time accounting firm.
Deutsche Bank, a German banking giant, has been a major lender to both the Trump Organization and Kushner Companies, which previously was run by Trump's son-in-law, Jared Kushner, now a presidential adviser.
The court noted that the president had not disputed that the bank loaned him at least $130 million when no other bank would do so. "In light of the Second Circuit decision, we are evaluating our next options", he said. Trump had sued the two banks in an effort to prevent the disclosure of his financial records. "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".