White House Cuts Bank Access for Certain Foreign Nationals

On May 19, 2026, President Trump signed an executive order that instructs federal agencies to decrease the access of certain nonimmigrants to U.S. banking institutions. 

Here are the changes the mandate includes:

• The Treasury has 60 days to send banks a written warning about activity the government sees as a red flag. That includes employers paying workers off the books, skipping payroll taxes, hiding who owns an account through shell companies or nominee accounts, or using a taxpayer ID number (an ITIN) to open accounts or take out loans when the customer cannot show legal status.
• The Treasury and federal bank regulators must also propose updates to anti-money-laundering rules so banks more carefully check who their customers are. The guidance should also inform how much weight banks should give to ID cards issued by foreign consulates.
• The Consumer Financial Protection Bureau must look at updating its mortgage and consumer loan rules so lenders can factor in the chance that a borrower could be deported or lose their job because of their immigration status.
• Bank regulators must put out guidance within 60 days on how financial institutions should handle the added risk of lending to people who do not have permission to work in the U.S.

How the latest executive order affects foreign nationals

Manifest immigration attorney Ana Gabriela Urizar says the latest mandate confirms the February rumors that the administration was debating whether to limit bank access for foreign nationals through an executive order or a Treasury policy change.

“From my perspective, this reflects a broader trend toward increased review and oversight across different areas of the U.S. immigration system,” she says. “For many foreign nationals, access to banking and financial services is an important part of daily life in the United States, so any policy changes in this area are worth monitoring closely.”

Because the order only sets deadlines for agencies to propose or update guidance, nothing has changed for foreign nationals with U.S. bank accounts or loans. Urizar notes that most of these initiatives would still need to go through the normal rulemaking process, including a public comment period, before taking effect.

“We don’t know how much harder it will be to access banking systems in the meantime, but now’s the time to evaluate your current records,” she says. “Make sure you have valid forms of IDs and updated tax records, and talk to an immigration attorney before opening new accounts or applying for credit.”