Executive order directs Treasury to advise banks on immigrant account access

A White House official told Semafor that President Donald Trump will sign two executive orders Tuesday focused on financial system access and regulatory reviews. The first order directs Treasury Secretary Scott Bessent to advise financial institutions on ways undocumented immigrants might open accounts or receive loans.

It also directs Bessent and federal regulators to propose changes to Bank Secrecy Act regulations that strengthen customer due diligence and customer identification program requirements. The order will ask the Consumer Financial Protection Bureau to consider modifying its rules to include deportation and wage loss as factors that could affect customers' ability to repay loans.

It will also call on regulators to issue guidance on managing credit risks associated with undocumented immigrants.

Fintech access to payment systems The second executive order directs regulators to review policies for opportunities to encourage innovation and increase competition while maintaining safety. It will direct the Federal Reserve to evaluate how it decides which uninsured depository institutions and non-bank financial companies can access its payment accounts and payment services.

The order requires the Federal Reserve to report on its authority and options to expand access, as well as any potential impediments to doing so. Fintech firms have been lobbying for expanded access to the Fed's payment rails, which they say would make transactions faster and cheaper.

Banks have raised concerns that customers could be at risk.