Restoring Integrity to America's Financial System

This executive order directs the Secretary of the Treasury to issue, within 60 days, a formal Advisory to financial institutions describing red flags and typologies of suspicious activity involving non-work authorized populations and their employers, including payroll tax evasion, structuring, and use of individual taxpayer identification numbers to obtain credit. It further directs the Secretary of the Treasury, in consultation with the Federal functional financial regulators, to propose changes to Bank Secrecy Act customer due diligence regulations within 90 days, and to consider changes to customer identification program regulations, including risks posed by foreign consular identification cards, within 180 days. The Consumer Financial Protection Bureau is directed to consider, within 60 days, clarifying that potential deportation and loss of wages may be considered under the "ability-to-repay" standards in 12 CFR Part 1026, and each Federal functional financial regulator must issue guidance within 60 days on credit risks posed by the non-work authorized population.

None.

No known legal challenges.