White House Will Not Move Forward With Requirement For Banks To Collect Citizenship Information, Report Claims

According to Semafor, the Trump administration will not move forward with a requirement directing financial institutions to collect proof of citizenship for their customers.

Trump Administration Allegedly Considering Executive Order Requiring Banks Verify Citizenship From Customers, White House Spokesperson Responds

A White House official told Semafor that Trump will sign a pair of executive orders “aimed at insulating the US’ financial system from undocumented immigrants and expanding fintech firms’ access to the Federal Reserve’s payment rails,” the outlet reports.

🟡 SCOOP: Trump backs down from requiring banks to collect citizenship information https://t.co/gIevqDD4Gg

— Semafor (@semafor) May 19, 2026

Semafor shared further:

The first executive order is a step back from initial proposals, which were expected as recently as Tuesday to direct financial institutions to collect proof of citizenship from their customers. That drew widespread ire from the banking industry, which warned of implementation costs and potential liability.

In a win for Wall Street, the final version instead