Restoring Integrity to America's Financial System
Directs Treasury, the CFPB, and federal financial regulators to heighten customer identification and due diligence and to scrutinize credit and depository services provided to non-work-authorized populations, to protect the safety and soundness of the banking system and combat illicit cross-border finance.
Section by Section
What each section does, and how they differ.
Addresses national security and public safety risks posed by illicit cross-border financial activity and financial services to inadmissible populations; emphasizes need for robust customer identification and enhanced due diligence to mitigate risks from money laundering and criminal use of U.S. financial system.
Defines federal functional financial regulator as the Federal Reserve Board, Office of the Comptroller of the Currency, FDIC, and National Credit Union Administration.
Within 60 days, directs Treasury to issue advisory to financial institutions describing risks and red flags for suspicious activity related to non-work-authorized populations, including payroll tax evasion, structuring, labor trafficking, and ITIN misuse.
Within 60 days, directs CFPB to clarify that deportation risk is a factor in ability-to-repay assessments for non-work-authorized borrowers; directs financial regulators to issue guidance on credit risks posed by non-work-authorized populations.
Standard boilerplate: preserves existing agency authority, conditions the order on appropriations, and creates no enforceable private rights.