On May 19, 2026, President Donald J. Trump signed a new Executive Order titled “Restoring Integrity to America’s Financial System.”
This Executive Order directs federal financial agencies to increase scrutiny over banking activity, lending practices, and financial transactions involving individuals who do not have work authorization in the United States.

While this Order does not immediately change immigration law or automatically prohibit immigrants from opening bank accounts, obtaining loans, or using financial services, it signals a significant policy shift that could impact many immigrant families in the months ahead.

What Does the Executive Order Do?

The Executive Order instructs federal agencies such as the Department of the Treasury, the Consumer Financial Protection Bureau (CFPB), and banking regulators to develop new guidance and possible regulations aimed at:

  • Increasing financial surveillance and compliance measures;
  • Expanding “know-your-customer” requirements;
  • Enhancing reporting obligations for banks and financial institutions; and
  • Evaluating lending risks involving individuals without work authorization.

The Order specifically references concerns involving:

  • ITIN usage;
  • Foreign identification documents;
  • Peer-to-peer payment systems;
  • Cash transactions;
  • Payroll practices; and
  • Lending to individuals without lawful work authorization.

Could Banks Request More Immigration Information?

Possibly.

The Executive Order instructs the Treasury Department to consider rules allowing financial institutions to request additional information related to immigration status and employment authorization when conducting risk-based due diligence reviews. This does not mean every bank will immediately begin asking customers for proof of immigration status. However, banks may eventually adopt stricter verification procedures depending on future regulations and internal policies.

The Order also directs agencies to review risks associated with the use of foreign consular identification cards.

Impact on Loans and Credit Applications

The Executive Order also focuses heavily on consumer lending. Federal regulators are being instructed to evaluate whether “potential deportation” or “loss of wages” should be considered when determining a borrower’s ability to repay loans such as:

  • Mortgages;
  • Auto loans;
  • Credit cards; and
  • Other consumer credit products.

This means some lenders could become more restrictive when reviewing applications from individuals who lack work authorization or whose immigration status is uncertain.

Contact the Law Office of Erika Rodriguez
As a reminder, Erika Rodríguez and Lilia Rodríguez provide immigration services throughout Southern California from their San Diego office, assisting with family immigration, visas, detention cases, deportation hearings, and more. Consultations are $100 and can be scheduled online or by calling the office directly. Please be cautious of scams and only communicate with Erika or Lilia through their official website, Facebook and Instagram pages, or the office phone number, as they only use one official number.
The Law Office of Erika Rodríguez 619-289-8090 ErikaRodriguezESQ.com
Schedule Consultations Online https://erlawsd.setmore.com/

Important: Immigration Law Has NOT Changed

It is critical to understand that:

  • This Executive Order does not create new immigration violations;
  • It does not automatically authorize banks to report immigrants to ICE;
  • It does not eliminate existing immigration protections; and
  • It does not change eligibility for immigration benefits already provided under current law.

At this stage, much of the Order requires agencies to issue future guidance, proposals, or regulations before major practical changes occur.

What Immigrant Families Should Do

We strongly recommend:

  • Avoiding false information or fraudulent documents in any financial application;
  • Keeping accurate tax records and payroll documentation;
  • Consulting an experienced immigration attorney before making major financial or immigration decisions;
  • Remaining cautious of misinformation spreading online; and
  • Continuing to comply with all existing legal and financial obligations.

Immigrant communities often become the target of fear and confusion after major policy announcements. It is important to remember that Executive Orders frequently face legal challenges, delays, and limitations in implementation.

Our Office Is Monitoring These Developments

Our office is closely monitoring how federal agencies and financial institutions implement this Executive Order and how it may affect immigrant families, ITIN holders, mixed-status households, and individuals pursuing immigration benefits.
If you have concerns regarding:

  • Banking issues,
  • Financial documentation,
  • Immigration consequences,
  • Pending immigration cases, or
  • Future applications,

we encourage you to consult with qualified immigration counsel before taking action.