Trump Signs Order Aimed At Preventing Illicit Financial Activity

According to a study by the left leaning Urban Institute, lenders issued around 5,000 to 6,000 mortgages to customers with ITINs

Banks are generally reluctant to lend to customers with ITINs, and Fannie Mae and Freddie Mac are typically disinclined to insure mortgages for borrowers with an ITIN.

The order also directs the Treasury to consider regulatory changes under the Bank Secrecy Act that would enable financial institutions to more readily collect customer data, including immigration status and employment authorization.

6, 2021, Capitol riot

JPMorgan Chase said in January, “Our company does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so, but often rules and regulatory expectations lead us to do so.”

At the same time, the White House has overseen a broader deregulatory push that has benefited firms outside the traditional banking framework, and openly embraced cryptocurrency, with Trump pledging to make the U. S.

the “crypto capital of the planet. ”