Trump scales back citizenship data requirement for banks, while boosting fintech access
Trump signs two executive orders: the first drops a plan to require banks to collect citizenship information and instead directs Treasury and regulators to explore how undocumented immigrants might open accounts or obtain loans, while considering changes to Bank Secrecy Act/ID rules; it also asks the CFPB to weigh deportation and wage-loss as factors in loan repayment and to provide guidance on credit risk for undocumented borrowers. The second order aims to boost fintechs’ access to the Fed’s payment rails by prompting regulators to review policies for innovation and competition while preserving safety, including evaluating which non-bank institutions can access Fed accounts.
