Photo: Alex Wong/Getty Images

If New York officials succeed in getting Trump financial records, it will trouble Trumpworld far more than any congressional fight.

Driving the news: Deutsche Bank has begun providing records to New York Attorney General Letitia James in response to a subpoena for documents related to loans made to President Trump and his business, CNN's Cristina Alesci reports.

  • The CNN report, which Axios has not confirmed, said the bank "is in the process of turning over documents, including emails and loan documents, related to Trump International Hotel in Washington ... the Trump National Doral Miami; the Trump International Hotel and Tower in Chicago; and the unsuccessful effort to buy the NFL's Buffalo Bills."

Jay Sekulow, counsel to the president, tells Axios: "At this time, we cannot confirm the subpoena or any production. As with any demand for documents we will respond as appropriate."

  • "Our response will include litigation if necessary."

Go deeper: How Trump can stall House Democrats

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.