WASHINGTON (AP) — President Donald Trump on Tuesday signed an executive order that requires banks to take a closer look at the citizenship of their customers, a new measure in his administration’s push to clamp down on people living in the country illegally.The order directs bank regulators and government departments to look for signs that people without legal status are opening accounts or obtaining loans or credit cards. However, the order is less aggressive than banks had expected, as earlier reports suggested the White House was drafting an order that would make collecting customers’ citizenship information mandatory.In the order, the White House framed the decision that banks would face credit risks if one of their customers were deported and any loans could no longer be repaid. The White House said it would not “permit risks to our financial system posed by the extension of credit or financial services to the inadmissible and removable alien population.”
Since banks have never collected any information about their customers’ citizenship or immigration status, there are no reliable public figures on how much risk these customers pose to the financial system.
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