On February 24, 2026, several media outlets reported that the Trump administration is internally considering requiring banks to collect citizenship information from customers as a condition to opening or maintaining a bank account.

In the absence of active enforcement by federal banking regulators, many financial institutions are choosing this moment to take a second look at their compliance policies and procedures. Recent administrative actions implicating access to financial services may particularly require financial institutions to reevaluate their Consumer Due Diligence (CDD) procedures and Consumer Identification Program (CIP).