Trump Signs Executive Orders on Bank Rules for Immigrants and Fintech Access

President Trump signed a pair of executive orders Tuesday directing Treasury Secretary Scott Bessent to advise banks on serving undocumented immigrants and directing federal regulators to review fintech firms' access to Federal Reserve payment rails.

The first order steps back from earlier proposals that would have required banks to collect proof of citizenship from customers. Instead, it directs Bessent to work with regulators on strengthening customer-due-diligence rules under the Bank Secrecy Act and to consider changes to customer identification program requirements.

The order also asks the Consumer Financial Protection Bureau to consider adding deportation and wage-loss as factors in loan repayment assessments. It calls on regulators to issue guidance on managing credit risks tied to undocumented immigrants. The CFPB has already advanced a proposed rule titled “statement on ability to repay and immigration status,” a spokesperson told Semafor.

The second order directs regulators to examine policies that could expand fintech access to Federal Reserve payment accounts and services while maintaining safety standards. It asks the Fed to evaluate options for uninsured depository institutions and non-bank financial companies.

Banks had raised concerns about implementation costs and liability under the earlier citizenship-collection proposal. The final version avoids those mandates. " — Semafor, May 19, 2026 Fintech firms have lobbied for faster, cheaper transactions through expanded Fed access.

Banks have warned that broader access could increase customer risk.