Trump Signs 'Restoring Integrity to America's Financial System' EO — Directs Banks to Factor Immigration Status in Financial Risk Assessments

President Trump on May 20, 2026 signed an executive order titled 'Restoring Integrity to America's Financial System,' directing the Treasury Secretary and federal financial regulators to issue guidance requiring banks and financial institutions to treat customers' immigration status as a factor in evaluating financial risk. The order specifically flags the use of ITINs (Individual Taxpayer Identification Numbers, typically issued to undocumented workers who cannot obtain Social Security Numbers) to open accounts or obtain credit, framing it as a risk factor linked to money laundering, terrorism financing, and labor trafficking. Treasury has 90 days to propose updated Bank Secrecy Act regulations implementing the order. The measure is part of the Trump administration's broader effort to use financial regulation as an immigration enforcement tool — restricting banking access for undocumented immigrants who lack legal status. Civil liberties groups immediately condemned the order, arguing it will functionally exclude millions of law-abiding immigrants from the financial system and push transactions underground, increasing rather than decreasing illicit activity risk. Earlier drafts of the order had reportedly made citizenship data collection mandatory; the final version directs it as a risk-assessment factor. The order adds financial exclusion to the administration's deportation, detention, and family separation enforcement architecture.