President Donald Trump just walked back one of his most controversial immigration proposals — although he is not backing down altogether. Trump is no longer going to sign executive orders directing financial institutions to check customers for proof of citizenship, according to a report from Semafor . Wall Street and other major financial institutions opposed the proposal on the grounds that it would cost them money and be inefficient. Instead Trump’s new executive orders will require Secretary of the Treasury Scott Bessent to guide financial institutions on ways to detect undocumented immigrants who ask for loans and open accounts. Bessent and other federal regulators will also need to change the Bank Secrecy Act to strengthen customer-due-diligence requirements and make it easier for financial institutions to acquire more information about customers’ backgrounds. Additionally, Trump will ask the Consumer Financial Protection Bureau to consider modifying rules that clarify deportatio...
