The Trump administration is weighing a new requirement for US banks to verify citizenship information of current and future customers as part of the president’s aggressive immigration crackdown, sources told CNN.

The potential action, which one source said could take the form of an executive order, has raised concern in the industry that banks could be compelled to ask customers for an unprecedented category of documents, including passports and other documents that verify citizenship status. The source cautioned that plans haven’t been finalized and that there are still considerations underway over other options and legal authorities.

“It’s a bad idea. We are very alarmed,” a financial industry source told CNN.

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

"Capital should be right-sized to protect the economy. Not inflated for ideological reasons, not used as a tool to achieve political objectives, and not calibrated without regard to the real-world impacts on lending, liquidity, and the economic vitality of local community institutions.

"This is why the Biden Administration’s initial Basel III Endgame proposal was deeply flawed and received bipartisan criticism. It threatened to elevate capital burdens so far above international norms that entire categories of banking business lines, from residential mortgages to market-making, could have migrated to offshore institutions.

https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=410943#:~:text=%22But%20what%20we%20do%20not,build%20upon%20the%20bipartisan%20S.