Another Trump plan dead on arrival : Banks collecting citizenship info is illegal

[Demixs]

The White House wants banks to collect citizenship status from customers. But..

Congress regulates banking, not the president. The Bank Secrecy Act doesn’t require citizenship verification and an executive order can’t change that.

And no, banks “voluntarily” complying doesn’t fix it. Courts treat private actors following government pressure as state action. You can’t launder an illegal policy through Chase.
This gets enjoined within days. The only question is which court does it first.

https://www.cnn.com/2026/02/24/business/trump-immigration-banks-citizenship

[ironman99]

1. Requiring banks to collect citizenship data

Banks already do. To open an account you need either a SSN, EIN or TIN. A SSN signifies that you are a US citizen. An EIN signifies that the applicant is business allowed to operate in the US. The TIN is for resident aliens, i.e. Green Card holders; Legal immigrants. Undocumented immigrants have none of these and cannot open a bank, savings and loan or credit union account.

This is just more performative BS from someone who knows absolutely nothing about absolutely everything,.