EXECUTIVE ORDER: RESTORING INTEGRITY TO AMERICA’S FINANCIAL SYSTEM
This Executive Order requires the Department of the Treasury to issue a formal Advisory to financial institutions regarding bank activity for individuals without verified lawful presence and new regulations to strengthen customer identity verification and protection.
This is a potentially monumental step towards "de-banking" of the illegal alien population. There are many significant fraud red flags surrounding the black market in labor that exploits the current disinterest in financial institutions regarding the legal status of account holders. This EO provides timelines for Department of the Treasury action, so the ultimate impact of this EO rests on Treasury's compliance.