Restoring Integrity To America’s Financial System

Aims to prevent abuse of the U.S. financial system by enhancing identification and risk controls, particularly relating to illegal immigration and associated financial crimes. Seeks to shore up financial institution integrity and national security.

What the order does ​

• Directs Treasury to issue an Advisory to financial institutions on risks and red flags tied to non-work authorized populations and their employers.
• Orders review and proposed tightening of Bank Secrecy Act regulations to strengthen customer due diligence, including identity verification and oversight of ITIN use.
• Calls for strengthening risk-based customer identification requirements, considering the risks of foreign consular ID cards.
• Instructs CFPB and regulators to address credit risks when lending to non-work authorized borrowers, including factoring in deportation and wage loss.
• Orders Federal regulators to issue guidance for managing credit risk related to the non-work authorized population.

Who it affects ​

• Banks and credit unions.
• Non-work authorized immigrants and their employers.
• Mortgage, auto loan, and credit card lenders.
• Consumers using ITINs or foreign IDs for financial services.

Context ​

Responds to rising concerns about financial crime, fraud, and national security risks linked to undocumented populations and their employers.