Overview
- Treasury Secretary Scott Bessent said an executive order is in process that would make banks collect customers’ citizenship information.
- He told bank leaders to prepare for the change and said Real ID cards would not count as proof of citizenship.
- Key details remain unsettled, including which documents will qualify and whether existing accounts will face new checks.
- Banks and policy analysts warn of heavy compliance burdens, estimating 30 to 70 million extra paperwork hours and $2.6 to $5.6 billion in costs.
- Experts say many lawful residents without passports or easy access to birth records could lose banking access, which could push more people into cash-only life.