Restoring Integrity to America’s Financial System

Key Points

• Trump is directing the Treasury Department and financial regulators to tighten monitoring of bank accounts and lending tied to people without legal work authorization. The stated goals are stopping illicit money flows and protecting the banking system from structural credit risks.
• Within 60 days, Treasury must issue a formal advisory to banks describing red flags for suspicious financial activity, including off-the-books wage payments, payroll tax evasion, use of shell companies, and structured cash transactions tied to unauthorized workers and their employers.
• The order asks the Consumer Financial Protection Bureau to clarify that deportation risk and potential loss of wages can be considered when deciding if a borrower can repay a loan. This could make it much harder for undocumented immigrants to get mortgages, auto loans, and credit cards.
• Within 180 days, regulators must review whether foreign consular ID cards (like Mexico's matricula consular) pose risks to the financial system, potentially restricting their use for opening bank accounts.
• The order flags the use of Individual Taxpayer Identification Numbers (ITINs) to open accounts or get credit as a risk factor requiring extra scrutiny. While ITINs are legal tools for tax compliance, the order treats their use without a Social Security number as a potential sign of unauthorized employment.