Trump orders banks to take a closer look at clients’ citizenship in new immigration enforcement move
The order directs regulators to look for signs that undocumented customers are opening accounts or taking loans, and it cites 5,000 to 6,000 ITIN mortgages.
- On Tuesday, President Donald Trump signed an executive order directing banks to scrutinize customer citizenship status, a measure aimed at restricting financial access for individuals living in the country illegally.
- Treasury Secretary Scott Bessent signaled last month that stricter account-opening rules were necessary, as the administration argued that lending to "the inadmissible and removable alien population" introduces structural risks to the U.S. financial system.
- Within 90 days, the Treasury must propose Bank Secrecy Act changes to strengthen due diligence, while regulators have 60 days to issue guidance on managing credit risks tied to Individual Taxpayer Identification Numbers .
- Following banking industry pushback, the Consumer Financial Protection Bureau must clarify within 60 days that potential deportation is a valid risk factor for lenders, though the order offers guidance rather than a mandate.
- The Urban Institute estimated 5,000 to 6,000 mortgages are currently held by ITIN users, and analysts warn the measure could push individuals out of the formal banking system, increasing the "unbanked" population.
91 Articles
91 Articles
Trump orders banks to more closely examine customers’ citizenship
President Trump signed an executive order Tuesday that requires banks to more closely examine the citizenship status of its customers, as his administration works to uphold a campaign promise to crack down on those living in the country illegally. The order directs the Treasury Department to issue formal advisories to financial institutions outlining “red flags”…
Trump Signs Sweeping Order to Restrict Banking Access to Illegal Aliens over Crime Concerns
President Donald Trump on Tuesday issued an executive order to protect U.S. financial institutions from illegal immigrants and foreign fund transfers that support crime. “My Administration will not tolerate national […] The post Trump Signs Sweeping Order to Restrict Banking Access to Illegal Aliens over Crime Concerns appeared first on The Western Journal.
Donald Trump order tightens banking checks on non-citizens in US, drops collection of citizenship information
President Trump signed an executive order to scrutinise banking activities of non-citizens in the US. The order is reportedly less extensive than previous proposals, and while it does not require banks to collect citizenship info, it advises on monitoring for tax evasion and other issues.
Trump Moves to Squeeze Illegal Aliens Out of the U.S. Financial System with New Executive Order Targeting Banking Loopholes | The Gateway Pundit | by Jim Hᴏft
President Trump has taken another major step in his immigration enforcement agenda, this time targeting access to the American banking system.
Trump signs executive order to stop banks from extending credit to illegal aliens
President Donald Trump signed an executive order Tuesday telling banks they cannot extend credit and other financial services to illegal aliens, citing national security concerns. The order, titled – “Restoring Integrity to America’s Financial System” – also calls for an end to the transfer of what Trump calls “low-dollar cross-border funds” because they have been...
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