Last Updated Dec 5, 2017 4:48 PM EST
Special counsel Robert Mueller has sent a subpoena to Deutsche Bank to share any information on accounts held by President Trump and his family as his investigation into any possible ties between the Trump campaign and Russian government continues, according to Reuters news service.
Reuters, citing a person close to the matter, says that the bank received a subpoena from Mueller several weeks ago to provide data on certain money and credit transactions.
Germany's largest bank says it does not comment on any of its clients, but is known to have lent millions of dollars to the Trump organization as part of its real estate dealings.
In a statement to CBS News, a Deutsche Bank spokesman said, "Deutsche Bank takes its legal obligations seriously and remains committed to cooperating with authorized investigations into this matter."
But Trump lawyer Jay Sekulow disputes those reports of such a subpoena, saying in a statement to CBS News, "We have confirmed that the news reports that the Special Counsel had subpoenaed financial records relating to the President are false."
Sekulow added, "No subpoena has been issued or received. We have confirmed this with the bank and other sources."
Mr. Trump wasover outstanding balances on construction loans.
According to The New York Times,made to the president's businesses through Deutsche Bank's private wealth management unit back in July.
Regulators want to know if Mr. Trump exposed the bank to unnecessary risk after casino and hotel bankruptcies left the German bank among a short list of financial institutions willing to do business with him, the Times reported.
In May, Democrats on the House Financial Services Committee specifically asked for results of a review the bank reportedly took of accounts held by Mr. Trump and members of his family to see if there were any connections to the Russian government
The bank rejected those demands in June, citing privacy laws.
Ranking Member of the House Permanent Select Committee on Intelligence Rep. Adam Schiff, D-California, said in a statement that the special counsel's subpoena would be a "very significant development" in the House' ongoing probe.
"If Russia laundered money through the Trump Organization, it would be far more compromising than any salacious video and could be used as leverage against Donald Trump and his associates and family," Schiff added.
CBS News' Emily Tillett and Julianna Goldman contributed to this report.