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Another Trump plan dead on arrival : Banks collecting citizenship info is illegal
The White House wants banks to collect citizenship status from customers. But..
Congress regulates banking, not the president. The Bank Secrecy Act doesn’t require citizenship verification and an executive order can’t change that.
And no, banks “voluntarily” complying doesn’t fix it. Courts treat private actors following government pressure as state action. You can’t launder an illegal policy through Chase.
This gets enjoined within days. The only question is which court does it first.
https://www.cnn.com/2026/02/24/business/trump-immigration-banks-citizenship