New banking rules against immigrants without status
Donald Trump’s government announced a new immigration tightening. Starting this Monday, banking regulators will issue guidelines for financial institutions to better monitor loans granted to people without work permits.
The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Association will remind banks and credit unions of their “know your customer” obligations. They will be recommended to more rigorously evaluate the applicants’ ability to pay, considering the risk that deportation will prevent them from meeting financial obligations.
The federal government does not explicitly order closing accounts or denying credit. But he maintains that this group represents a greater risk due to the uncertainty about their permanence in the country. There is no precise data on how many people without legal status maintain accounts or credit in the US.
Measures that are already underway
This action is part of the executive order that Trump signed in May. He instructed regulatory agencies to review the citizenship and immigration status of bank customers in more detail. That same month, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to detect possible identity theft, tax fraud and money laundering related to hiring people without work authorization.
Additionally, in November the Treasury Department announced that certain refundable tax credits will be considered federal public benefits. That would prevent some immigrant taxpayers from receiving them. Specialists warn that the measure could also affect beneficiaries of the DACA program and people with Temporary Protected Status (TPS).




