The Tuesday order, titled “Restoring Integrity To America’s Financial System,” directs bank regulators and the government agencies to look into the legal status of people applying for credit cards, loans, or opening bank accounts.
The White House wrote that America’s financial institutions should “be attentive” to the potential credit risks posed by extending loans to undocumented immigrants, specifying that that situation creates a “structural ‘ability to repay’ deficiency that undermines the safety and soundness of the national banking system” in the event that those individuals are deported.
Treasury Secretary Scott Bessent is expected to issue a formal advisory on the new regulations within the next 60 days that will specifically describe certain “red flags and typologies” employers are to be suspicious of, such as potential payroll tax evasion, the use of “foreign-identity documents,” the use of an individual taxpayer identification number (a code typically used by undocumented immigrants in place of a social security number), or the use of third-party payment processors that the order claimed could be indicative of “off-the-books” wage payments.
Somehow, the order was less severe than bank executives expected. Early reports on the executive order suggested that the White House was weighing whether or not to make it mandatory for financial institutions to collect their customers’ citizenship data.
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