The suit alleges that Intelligence Chairman Adam Schiff and Financial Services Chairwoman Maxine Waters, both D-Calif., have refused to provide the Trumps with copies of the subpoenas, "preventing them from even knowing, let alone negotiating, the subpoenas' scope or breadth."
It seeks a declaratory judgment that the subpoenas are invalid and unenforceable and a permanent injunction to quash the subpoenas.
The Democratic chairs of the House Financial Services and Intelligence committees, California Reps. Maxine Waters and Adam Schiff, said in a joint statement that the lawsuit is "meritless" and an effort "to obstruct Congress’s constitutional oversight authority."
“This lawsuit is not designed to succeed; it is only designed to put off meaningful accountability as long as possible," they said. "Trump has already said publicly that he is fighting all of the subpoenas from Congress, and that he does not respect Congress’ role as a coequal branch of government. This unprecedented stonewalling will not work, and the American people deserve better.”
Waters told reporters later Tuesday morning that lawmakers would "fight tooth and nail" for the financial information, adding that some of it could help to inform them about whether to launch impeachment proceedings against Trump.
"He is obviously afraid that we are gonna learn more about his relationships with Deutsche Bank, more about his bankruptcies perhaps, more about whether or not there's money laundering that's been involved in some ways," Waters said of the president. "We have enough information, and we have enough to help us, to guide us to moving forward with these subpoenas."
Kerrie McHugh, a spokeswoman for Deutsche Bank, told NBC News on Monday night, "We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations."
Capital One couldn't immediately be reached for comment.