Trump Administration Plans to Require Banks to Collect Citizenship Data

Banks were promised deregulation. Now they could have to spend billions to log citizenship data.

Treasury Secretary Scott Bessent said an executive order requiring banks to get citizenship data is "in progress." Brendan SMIALOWSKI / AFP via Getty Images The Trump administration plans to require banks to collect citizenship data from account holders. The proposed executive order could cost banks billions and add millions of hours of paperwork. The rule could deter some people from banking in the US. An executive order that's "in progress" could cost banks billions of dollars — and milli...