Trump Order to Require Banks to Collect Citizenship Info 'In Process,' Bessent Says. Here's What to Know

Treasury Secretary Scott Bessent announced that an Executive Order requiring banks to collect citizenship information from customers is "in process." Speaking on April 15, 2026, Bessent questioned why banks lack information on who is in their system, citing concerns about foreign terrorist organizations. The White House stated the administration is exploring ways to protect the banking system from credit risks and ensure services remain available. This potential order could create hurdles for non-citizens and millions of American citizens lacking readily available proof of citizenship, and experts anticipate legal challenges. Republican Senator Tom Cotton has also introduced the "Know Your American Customer Act" to verify customers' citizenship or legal immigration status.