Lauri
20.4K posts

Lauri
@Hey_Lauri
Mom, wife, humanitarian, rabid LGBTQ+ ally, UH alum. She/Her #BLM #ProtectTransKids





Here we go again folks ⬇️ U.S. Treasury Secretary Scott Bessent confirmed that a Trump's executive order requiring banks to collect citizenship information is “in process": 1. The requirement would apply to all bank customers which would require banks to collect citizenship documentation from: - New customers, and - Existing customers who already have accounts. Banks would be required to go back and obtain proof of citizenship from their entire customer base. 2. REAL IDs would not satisfy the EO standard or the requirement. REAL IDs verify identity and address, but they do not prove citizenship. 3. Passports are the primary document but the EO is focused on citizenship, including: - U.S. passports - U.S. passport cards - Birth certificates - Naturalization certificates Banks have warned that more than half of U.S. adults do not have a passport. 4. Birth certificates with different names would require additional documentation. A birth certificate proves citizenship at birth, but not current identity. If the name on the birth certificate does not match the customer’s current legal name, banks would need linking documents, such as: - Marriage certificate - Divorce decree - Court‑ordered name change - Adoption decree These documents must be certified copies. 5. Banks, industry groups and financial‑privacy experts have raised concerns about the EO: : - Millions of current bank customers could lose access to bank accounts if they cannot produce the required documents. - Rural residents, seniors, low‑income individuals, and people without passports would be disproportionately affected. - Banks would be required to store sensitive citizenship documents, creating new data‑security risks. 6. Experts have noted unresolved issues: - How citizenship data would be stored and protected - Whether federal agencies could access the information - How banks would handle customers who cannot produce documents - The cost and feasibility of verifying tens of millions of existing accounts newsweek.com/trump-executiv…























