The decision came after The House Financial Services and Intelligence committees asked Deutsche Bank and Capital One to turn over records related to Trump's business ventures as they investigate "foreign influence in the US political process".
The court said Congress was acting within its constitutional authority to investigate a series of significant issues, including whether Trump was "vulnerable to foreign exploitation".
The split decision from the 2nd US Circuit Court of Appeals is another setback for the White House.
It rejected arguments that the subpoenas were meant merely to embarrass the president, though the court said Trump did deserve some privacy protections and outlined procedures for protecting some sensitive personal information in the documents from public disclosure.
The ruling from the 2nd Circuit is the third time a federal appeals court has upheld subpoenas for Trump's business records.
Jay Sekulow, Trump's personal lawyer, said in a statement that an appeal to the Supreme Court was under consideration.
"The Committees have already been delayed in the receipt of the subpoenaed material since April 11 when the subpoenas were issued".
The decision from the Second Circuit Court of Appeals clears the way for the Democrat-controlled House to seek documents, including tax returns, for Trump and other third party individuals and entities.
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. That process may not take place if Trump appeals the decision to the Supreme Court.
Judge Jon Newman, appointed by President Jimmy Carter, wrote the majority opinion, joined by Judge Peter Hall, appointed by President George W. Bush.
This story is breaking and will be updated. Following a motion from media organizations including The Washington Post and CNN to have the name of the person or organization made public, Deutsche Bank told the appeals court it does not have Trump's tax returns.
Trump has sought to keep his financial and tax records private.
Trump, who is fighting attempts by Democrats and a NY prosecutor to force him to release eight years of tax returns, sued to stop the banks from complying.
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