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Restoring Integrity to America’s Financial System

President Donald J. Trump’s order directs federal financial regulators to tighten oversight aimed at preventing fraud, illicit finance, and other abuses tied to cross-border transactions and people in the United States without work authorization. It tells the Treasury Department to issue a formal advisory to banks and other financial institutions identifying warning signs of suspicious activity, and to propose stronger customer due diligence and identification rules under the Bank Secrecy Act. The order also tells the Consumer Financial Protection Bureau and banking regulators to address lending risks by clarifying that possible deportation or wage loss may be considered when evaluating a borrower’s ability to repay loans. It was issued to restore what the order calls the integrity of the financial system by strengthening safeguards against criminal misuse, hidden ownership, tax evasion, and unsafe lending practices.