May 2026 — Two financial executive orders signed
Within 24 hours President Trump signed two executive orders that touch the financial system. One directs federal regulators to scrutinize the citizenship and immigration status of bank customers. The other directs the Federal Reserve to reconsider payment-rail access for fintechs. Both will shape how ITIN holders and non-citizens access banking, credit, and money services in the months ahead. Read the breakdown →
Trump's Bank Citizenship Executive Order: What ITIN Holders Need to Know
President Trump signed an executive order titled Restoring Integrity to America's Financial System that directs the Treasury Department and federal bank regulators to treat a customer's immigration status as a factor in evaluating risk. The order singles out the use of ITINs to open accounts or obtain credit, third-party payment platforms, payroll-tax evasion, and "strategic" use of unregistered money services. It does not, as an earlier draft proposed, require banks to collect citizenship information from every customer.
What this means for you
If you have an existing ITIN bank account, nothing changes today — your account is not closed by the order. Going forward, expect banks to ask more questions about source of funds, transfer patterns, and identity documents. Keep your ITIN renewed and file your taxes — an active, tax-filing ITIN holder is the cleanest profile to present to a bank.
Fintech Executive Order — Federal Reserve to Review Payment-Rail Access
Trump signed a second order, Integrating Financial Technology Innovation into Regulatory Frameworks, directing federal banking regulators and the Federal Reserve to review longstanding barriers that have kept fintech firms and non-bank financial companies out of the Fed's payment rails. Regulators have 90 days to identify impediments and 180 days to take steps to encourage fintech competition. Consumer-advocacy groups warned the order could weaken protections; industry groups welcomed it.
What this means for you
For ITIN holders this is more about the future than today. If fintechs get broader access to the payment system, more apps may eventually accept ITIN customers. For now, the apps that already accept an ITIN (Fidelity, Schwab, Vanguard, Cash App for some users) remain the safest path; most app-only "neobanks" still require an SSN.
BIA Rules DACA No Longer Stops Deportation Orders
The Board of Immigration Appeals — the highest immigration appeals court in the U.S. — ruled that DACA status alone is no longer enough to halt an active removal proceeding. Before this ruling, DACA holders facing removal could use their status as a defense to pause deportation. That automatic protection is now gone.
What this means for you
If you are a current DACA holder with no removal order, your day-to-day status is unchanged. If you have a pending immigration case or prior removal order, consult an immigration attorney. Renew your DACA early — USCIS allows renewals up to 180 days before expiration.
How we cover policy
Every story on this page is summarized in plain language and ends with the practical impact on your bank account, credit, or tax filing. We do not predict the outcome of your specific situation — for that, talk to a licensed immigration attorney or tax professional.