President Trump instructs agencies to assess fraud, lending, and compliance risks involving customer identification, and financial activity.
President Donald Trump issued an executive order last week directing the Treasury Department, financial regulators, and other federal agencies to review potential fraud, compliance, and lending risks associated with financial activity involving individuals without legal work authorization.
The order calls for updated advisories and possible revisions to customer‑identification and due diligence rules under the Bank Secrecy Act. It also directs regulators to provide guidance on lending standards—including how employment authorization and income verification may factor into repayment‑risk assessments.
The order does not require banks to collect customers’ citizenship information, though it allows regulators to consider when immigration or employment status may be relevant in risk‑based reviews. Treasury Secretary Scott Bessent and federal regulators are responsible for carrying out the reviews and recommendations.
As the Lord Leads, Pray with Us…
- For President Trump to be discerning as he oversees the effort to prevent fraud in federal programs and financial services.
- For Treasury Secretary Bessent as he implements policies related to banking, lending, and federal financial compliance.
- For officials in the Consumer Financial Protection Bureau as they address fraud prevention, customer identification, and access to services.
Sources: NBC News, The White House
