Published: 19.05.2026
The order directs the Treasury Department to issue guidance to financial institutions on risks associated with serving people without work authorization and to consider stronger customer-identification and due-diligence requirements. Regulators are also directed to issue guidance on credit risks involving such borrowers.
According to the source, the order begins the preparation of guidance and possible regulatory changes rather than imposing an immediate blanket ban on bank accounts or transfers. Over time, banks may request more information about lawful immigration status and work authorization when relevant to fraud, sanctions, or other illicit-finance risks. The measure primarily concerns people without work authorization, their employers, financial institutions, and applicants using an ITIN instead of an SSN for accounts or credit products. People relocating before obtaining work authorization should monitor how these directives are implemented.