Trump Considers Nationwide Requirement for Bank Customers to Provide Citizenship Information: Reports
‘The Big Money Show’ panel reacts to growing backlash over alleged debanking as lawmakers warn major banks may be cutting off Americans for political or ideological reasons.
The Trump administration is reportedly considering an executive order or alternative measures that would require banks to collect citizenship information from their customers. This initiative aligns with the administration’s ongoing efforts to tighten immigration policies.
According to a Wall Street Journal report, discussions within the Treasury Department have focused on implementing steps that would compel banks to gather citizenship information. This move is seen as part of Trump’s broader crackdown on undocumented immigrants residing in the U.S.
Sources familiar with the discussions indicate that banks may be directed to request new types of documentation, such as passports, from customers who wish to open or maintain accounts. This potential requirement has raised concerns among banking executives regarding the operational challenges and legal implications of enforcing such standards on millions of customers.
GOP FIREBRAND URGES TRUMP AGENCIES TO CLAW BACK MASSIVE TAXPAYER BENEFITS PAID OUT TO IMMIGRANTS
A Chase bank branch in New York July 2, 2024. (Jeenah Moon/Bloomberg via Getty Images / Getty Images)
Currently, banks are required to collect certain identifying information under “know-your-customer” regulations to prevent money laundering and financial crimes. This typically includes a customer’s name, date of birth, address, and taxpayer identification number, along with a passport or Social Security number in some cases.
However, banks are not mandated to collect or verify citizenship status specifically, and there is no restriction on noncitizens opening accounts in the U.S. Furthermore, banks do not routinely share customers’ citizenship information with the federal government.
TRUMP ADMIN HIT WITH FEDERAL LAWSUIT OVER IMMIGRANT VISA BAN AFFECTING 75 COUNTRIES WORLDWIDE
Sen. Tom Cotton, R-Ark., said he supports the Trump administration “taking action to prevent illegal migrants from accessing our banking system.” (Bill Clark/CQ-Roll Call, Inc via Getty Images / Getty Images)
One option being considered is for the Treasury Department’s Financial Crimes Enforcement Network to collect this information. A White House official noted that while discussions are ongoing, the potential executive order has not yet received approval.
Sen. Tom Cotton, R-Ark., expressed his support for the administration’s efforts, stating that the “American banking system is a privilege that should be reserved for those who respect our laws and sovereignty.” He emphasized his backing for measures to prevent illegal migrants from accessing banking services.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
FOX Business has reached out to the White House for further comments on this developing situation.
‘The Big Money Show’ panel reacts to growing backlash over alleged debanking as lawmakers warn major banks may be cutting off Americans for political or ideological reasons.
The Trump administration is reportedly considering an executive order or alternative measures that would require banks to collect citizenship information from their customers. This initiative aligns with the administration’s ongoing efforts to tighten immigration policies.
According to a Wall Street Journal report, discussions within the Treasury Department have focused on implementing steps that would compel banks to gather citizenship information. This move is seen as part of Trump’s broader crackdown on undocumented immigrants residing in the U.S.
Sources familiar with the discussions indicate that banks may be directed to request new types of documentation, such as passports, from customers who wish to open or maintain accounts. This potential requirement has raised concerns among banking executives regarding the operational challenges and legal implications of enforcing such standards on millions of customers.
GOP FIREBRAND URGES TRUMP AGENCIES TO CLAW BACK MASSIVE TAXPAYER BENEFITS PAID OUT TO IMMIGRANTS
A Chase bank branch in New York July 2, 2024. (Jeenah Moon/Bloomberg via Getty Images / Getty Images)
Currently, banks are required to collect certain identifying information under “know-your-customer” regulations to prevent money laundering and financial crimes. This typically includes a customer’s name, date of birth, address, and taxpayer identification number, along with a passport or Social Security number in some cases.
However, banks are not mandated to collect or verify citizenship status specifically, and there is no restriction on noncitizens opening accounts in the U.S. Furthermore, banks do not routinely share customers’ citizenship information with the federal government.
TRUMP ADMIN HIT WITH FEDERAL LAWSUIT OVER IMMIGRANT VISA BAN AFFECTING 75 COUNTRIES WORLDWIDE
Sen. Tom Cotton, R-Ark., said he supports the Trump administration “taking action to prevent illegal migrants from accessing our banking system.” (Bill Clark/CQ-Roll Call, Inc via Getty Images / Getty Images)
One option being considered is for the Treasury Department’s Financial Crimes Enforcement Network to collect this information. A White House official noted that while discussions are ongoing, the potential executive order has not yet received approval.
Sen. Tom Cotton, R-Ark., expressed his support for the administration’s efforts, stating that the “American banking system is a privilege that should be reserved for those who respect our laws and sovereignty.” He emphasized his backing for measures to prevent illegal migrants from accessing banking services.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
FOX Business has reached out to the White House for further comments on this developing situation.
