Vetted by NeuralPress's Multi-Agent Verifier for strict factual validity and event relevance. Our compliance engine cross-checks and filters search results to ensure zero false correlations or misleading content.
Estimated Impact of Citizenship Verification
Projected administrative costs and time burden for the US banking industry.
Primary Sources
Banks will have to collect citizenship data, Trump ... - Yahoo
The BriefAn executive order reportedly in the works from the Trump administration would require banks to collect citizenship data for new and existing customers, reports say.Treasury Secretary Scott Bessent told CNBC that undocumented immigrants "don’t have a right to be in the banking system."Immigrant advocates counter that bank accounts for non-citizens allow them to pay taxes and avoid the "unbanked" economy that often hinders their ability to contribute to the economy.The Trump administration is reportedly preparing an executive order that would require banks to collect citizenship data for new and existing customers.According to The Wall Street Journal and CNBC, the order is in the works and would come from the Treasury Department. Here’s what we know:Will banks collect citizenship data?What they're saying"Why can unknown foreign nationals come and open a bank account?" Treasury Secretary Scott Bessent told CNBC at an event in Washington, D.C., Tuesday. "Our bank executives’ job is to know your customer. How do you know your customer if you don’t know if they have legal or illegal status, whether they are a U.S. citizen or green card holder?"RELATED: DHS says US may stop processing international travelers at major airports in 'sanctuary cities'"If Treasury and the banking regulators say it’s their job, it’s their job," Bessent added.Bessent said undocumented immigrants "don’t have a right to be in the banking system."The other sideAccording to an analysis from the American Action Forum, a center-right think tank, a citizenship verification requirement for banks would add a collective 33.1-73.3 million hours of paperwork and cost banks between $2.6 billion and $5.6 billion."Verifying new accounts is the tip of the iceberg; the lack of details makes it difficult to estimate the costs of verifying existing accountholders, but even under the most conservative of assumptions it would add millions of hours and billions of dollars in administrative costs," researchers wrote.Advocates also point out that bank accounts for non-citizens allow them to pay taxes and avoid the "unbanked" economy that often hinders their ability to contribute to the economy, according to CNBC.The proposal has reportedly sparked concern in the banking industry, with some questioning whether it’s legal, The Journal reports. FOX Local reached out to the American Bankers Association for comment.Big picture viewThe executive order would bolster President Donald Trump’s aggressive immig...
ANALYSIS: Bank Citizenship Data EO Would Threaten But Not Burden
April 13, 2026, 9:00 AM UTCBanks are continuing to express concern about news that the Trump administration is considering an executive order requiring banks to collect data about their customers’ citizenship. If fully implemented, a citizenship data requirement would be a significant burden to banks. However, it is unlikely that any executive order creating a citizenship reporting requirement or mandating regulation to do so will impose the full burden that banks fear. The administration has already demonstrated that removing costly administrative burdens on financial industries takes precedence over efforts to enforce policy on the financial system through new requirements.Administration Can Ask for CitizenshipAny ... Learn more about Bloomberg Law or Log In to keep reading: See Breaking News in Context Bloomberg Law provides trusted coverage of current events enhanced with legal analysis. Already a subscriber? Log in to keep reading or access research tools and resources.
US Banks May Soon Require Citizenship Data for Accounts
US banks could soon be forced to collect citizenship data on every customer opening an account. Treasury officials say it's coming, but what does this really mean for millions of people who rely on basic banking services? The changes might hit harder than you think...
Banks would need to collect customers' citizenship information under order
An executive order mandating banks to collect citizenship information on customers is being worked on, according to Treasury Secretary Scott Bessent. A report says that banks could be tasked with ...
