Alien Banking Act

The Alien Banking Act would amend federal banking regulations to require financial institutions to verify the immigration status of customers as part of their customer identification programs. Banks would need to collect information about whether customers are U.S. citizens or lawful permanent residents. If a financial institution has reason to believe a customer has made a false statement about their immigration status, the bill would require the bank to report this belief to the Department of Homeland Security and the Attorney General. The Treasury Department would have 180 days after enactment to issue regulations implementing these new requirements. The bill is currently under consideration by the House Committee on Financial Services and has not yet been voted on by the full chamber.