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.
130 Articles
130 Articles
The president's executive order would affect the US banking system, in addition to preventing people from helping their families
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BREAKING: President Trump Signs Major Order Targeting Financial System Abuse * 100PercentFedUp.com * by Jack
President Trump just took the immigration fight somewhere the cartels and their enablers never wanted it to go: the money. On Tuesday, President Trump signed an executive order titled “Restoring Integrity to America’s Financial System,” directing the Treasury Department, federal financial regulators, and the Consumer Financial Protection Bureau to crack down on the financial infrastructure that makes illegal immigration profitable. The targets i…
President Trump Signs Executive Order Targeting Banks That Extend Credit To Illegal Aliens
President Trump signed an executive order this week that takes direct aim at the financial infrastructure illegal aliens have used to embed themselves in American life. The order, titled “Restoring Integrity to America’s Financial System,” tells Treasury, the CFPB, and federal banking regulators to confront the fraud, credit, and national-security risks created when the financial system is used by people without legal work authorization. Trump …
Trump Restricts Banks' Support for Migrants, Foreign Criminals
Pro-American advocates for migration reform are praising President Donald Trump's Executive Order to restrict the use of U.S. banks by migrants and criminals. The post Trump Restricts Banks’ Support for Migrants, Foreign Criminals appeared first on Breitbart.
President Donald Trump signed on Tuesday an executive order requiring banks to examine more closely the citizenship of their clients, a new measure that is part of his government’s drive to tighten actions against people living in the country without authorization. The order requires banking regulators and government departments to look for indications that people without legal status open accounts or obtain loans or credit cards. However, it is…
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