President Donald Trump has signed an executive order requiring banks and federal regulators to take a closer look at the citizenship status of customers, expanding the administration's immigration enforcement efforts into the financial sector.
The order instructs regulators and government departments to assess whether individuals without legal immigration status are opening bank accounts, taking out loans, or obtaining credit cards, according to the Associated Press. It frames the issue as a financial stability concern, arguing that lending to individuals who could be deported may create credit risks if debts go unpaid following removal from the country.
