The Treasury Department will not yet comply with congressional requests for Hunter Biden’s banking records, the agency said Wednesday.

House Oversight and Accountability Committee chairman James Comer of Kentucky requested Suspicious Activity Reports (SARs) detailing Hunter Biden’s financial transactions in a Jan. 11 letter to Treasury Secretary Janet Yellen. The reports are taken by banks in accordance with federal law when deposits or withdrawals exceed $10,000 or may indicate criminal activity. Comer previously said he believes banks have taken out more than 150 reports on Hunter Biden and “other Biden family members.”

Assistant Treasury Secretary for Legislative Affairs Jonathan Davidson told Comer on Wednesday that he failed to identify a purpose for the request.

“It is important that a requesting committee specify in writing its purpose in seeking to obtain the requested information and the use it intends to make of it so that the Department can make a determination as to whether the disclosure is appropriate and consistent with longstanding Executive Branch interests, including the protection of ongoing law enforcement investigations,” Davidson wrote, according to The Hill.

Republicans have repeatedly expressed concerns about Hunter Biden’s foreign business dealings. He was paid more than $700,000 through the capital management company Rosemont Seneca Bohai while sitting on the board of the Ukrainian energy company, Burisma Holdings. Hunter Biden and his uncle Jim Biden also reportedly sought investment from and advised the Chinese energy company CEFC. (RELATED: EXCLUSIVE: Before Joe Biden Cracked Down On Natural Gas, Hunter Biden Pushed It On China)

Comer and Oversight Republicans have also requested financial information about Hunter Biden’s anonymous art sales. His paintings have been listed for as much as $225,000, and ethics experts have expressed concerns the sales could disguise influence-peddling.

“At the start of the Biden Administration, the Treasury Department changed longstanding policy to severely restrict Congress’ access to suspicious activity reports. Now, Biden’s Treasury Department appears to be going even further to restrict access. This coordinated effort by the Biden Administration to hide information about President Biden and his family’s shady business schemes is alarming and raises many questions. We will continue to press for access to suspicious activity reports generated for the Biden family and their associates, and will use the power of the gavel to get them if needed,” Comer said in a statement.

A report issued by Sens. Chuck Grassley of Iowa and Ron Johnson of Wisconsin in 2020 found Hunter Biden’s business dealings created “criminal, financial, counterintelligence, and extortion concerns.” FBI Director Christopher Wray testified in August 2022 that Chinese payments to Biden could constitute a “malign foreign influence” campaign.