Why Did US Banks Lack Clarity on Citizenship Data?

Why did US banks lack clarity on citizenship data?

Banks face uncertainty over expected White House order U.S. banks said they are largely in the dark about the scope of an expected White House order tied to citizenship data . The reporting centers on the practical problem: financial institutions want to know what data they must collect, verify,…

Citizenship Data Push For Bank Accounts Signals New Risk For Mortgage Pipeline

A push in Washington to require banks to collect citizenship or legal status data from customers is gaining momentum, with both legislation and potential executive action on the table.Scott Bessent, head of the U.S. Department of the Treasury, said last week that the administration expects banks to comply if regulators determine citizenship data collection is required, adding, “If Treasury and the banking regulators say it’s their job, it’s thei…