Trump signs an executive order treating ITIN use as a banking risk factor requiring enhanced due diligence

President Trump signed an executive order titled "Restoring Integrity to America's Financial System" on May 20, 2026, directing federal bank regulators and the Treasury Department to issue guidance instructing financial institutions to treat ITIN use in lieu of a Social Security number as a risk factor requiring "enhanced due diligence." The order did not mandate account closures but listed ITIN use alongside shell company activity and cash-intensive transactions as red flags for potential immigration violations — effectively weaponizing the Customer Identification Program infrastructure built after 9/11 against undocumented immigrants who had relied on ITIN accounts to participate in the U.S. economy. Advocates warned the order could push millions of ITIN holders out of the banking system, increasing vulnerability to wage theft, financial fraud, and cash-economy exploitation.