Treasury widens bank reporting rules to flag potential undocumented workers
The U.S. Treasury expanded bank reporting guidelines to allow banks to flag potential undocumented workers through Suspicious Activity Reports, arguing banks should identify risk and report illicit activity while remaining non-authoritative on immigration. Critics warn it could push undocumented individuals out of the financial system since banks haven’t historically collected citizenship data, potentially chilling banking access. Proponents say the move targets fraud and strengthens financial-system safety, though experts note the real scope and impact remain uncertain, with studies suggesting only a small share of mortgages have ITIN recipients.
