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Trump admin weighs requiring banks to collect citizenship info: Reports

(NewsNation) — The Trump administration is weighing a move that could require banks to collect citizenship information from customers, according to multiple reports.

The potential action, reported by the Wall Street Journal and Semafor, could come as an executive order and may apply to both new and existing bank customers.

While nothing has been finalized, such a decision would mark an escalation in the president’s crackdown on illegal immigration and could ultimately have banks requesting additional documentation, such as passports, from customers.

REAL IDs — which do not prove citizenship — would not be considered eligible, Semafor reported, citing people familiar with the talks.

“Any reporting about potential policymaking that has not been officially announced by the White House is baseless speculation,” White House spokesman Kush Desai said in a statement to NewsNation.

As it stands now, U.S. banks are not required to verify a customer’s citizenship status specifically, and there is no ban on opening accounts for noncitizens, the Journal noted.

Banks do collect basic information — including a customer’s name, date of birth, address and identification number — under “know your customer” regulations meant to guard against illegal money laundering and terrorist financing.

A move to require citizenship information would likely face pushback from the banking industry and could be complicated to implement, with one financial services lobbyist telling Semafor the idea is a “complete nightmare” logistically.

The requirement could also pose challenges for U.S. citizens who may not have proof of citizenship readily available. Only about half of Americans have a valid passport, according to the State Department.

Sen. Tom Cotton (R-Ark.) said he strongly supports President Trump taking action to “prevent illegal migrants from accessing our banking system” in a post on social platform X Tuesday.

Cotton added that he plans to introduce legislation on the issue “shortly” and shared an October letter in which he asked Treasury Secretary Scott Bessent to investigate.

One avenue the Trump administration is considering is having the Treasury Department’s Financial Crimes Enforcement Network collect the information, people familiar with the talks told the Journal.

Discussions about the potential executive order have alarmed banks, which have questioned the legal basis for the proposal, according to the outlet.

Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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