ANALYSIS: Bank Citizenship Data EO Would Threaten But Not Burden

Banks are continuing to express concern about news that the Trump administration is considering an executive order requiring banks to collect data about their customers’ citizenship. If fully implemented, a citizenship data requirement would be a significant burden to banks. However, it is unlikely that any executive order creating a citizenship reporting requirement or mandating regulation to do so will impose the full burden that banks fear. The administration has already demonstrated that removing costly administrative burdens on financial industries takes precedence over efforts to enforce policy on the financial system through new requirements.

Administration Can Ask for Citizenship

Any ...