Photo: Anna Moneymaker/Pool/Getty Images

A federal appeals panel on Tuesday temporarily blocked a lower court ruling that would have forced President Trump to comply with a subpoena from Manhattan District Attorney Cy Vance for eight years of his financial records.

What to watch: The panel set oral arguments for Trump's appeal for Sept. 25. Trump's lawyers have already signaled their intention to appeal to the Supreme Court if they lose, further extending the legal fight that began last September.

The big picture: The Supreme Court ruled in July that presidents are not immune from investigation and that Vance had the legal right to subpoena Trump's financial institutions, but it sent the case back down to lower courts so that Trump's lawyers could raise other objections.

  • A federal judge threw out Trump's lawsuit last month, dismissing the theory of "absolute immunity" from investigation argued by the president's lawyers as "perilous to the rule of law."
  • Trump's lawyers immediately appealed, and a three-judge panel from the 2nd Circuit Court of Appeals heard brief arguments on Monday before issuing its temporary stay.
  • Worth noting: Even if Vance is allowed to enforce the subpoena, grand jury secrecy laws would prevent Trump's tax returns from becoming public.

Between the lines: In a disclosure last month, Vance's office suggested for the first time that it's investigating Trump and his company for "alleged bank and insurance fraud."

  • The filing pointed to media reports about "possibly extensive and protracted criminal conduct at the Trump Organization" to support Vance's argument about the legitimacy of the subpoena, which Trump's lawyers had argued was over-broad and issued in bad faith.
  • Previously, Vance was only thought to be investigating hush-money payments that Trump made to women he allegedly had affairs with through his former personal attorney Michael Cohen.

This story is developing. Please check back for updates.

Go deeper

The Trump identity and fashion statement

Spotted at President Trump campaign event in Winston-Salem, N.C., last week. Photo: Jonathan Ernst/Reuters

If President Trump defies today's swing-state polls and pulls off another upset, what will we have missed that could have been a clue?

Here's a big one: Trump flotillas ... Trump flags bigger than American flags ... Trump truck rallies ... Trump shirts ... Trump underwear ... lawns that don't have a Trump-Pence sign or two but 50 or even 100 — a forest.

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.