US banks left guessing over scope of looming order on citizenship data

U.S. banks say they have little visibility into an expected White House order that could require collection of customers' citizenship or immigration-status data. Industry executives warn the directive would be costly and disruptive, likely increasing compliance burden and operational risk for lenders. The policy could also raise data privacy and legal concerns across the banking sector.

Analysis

U.S. banks say they have little visibility into an expected White House order that could require collection of customers' citizenship or immigration-status data. Industry executives warn the directive would be costly and disruptive, likely increasing compliance burden and operational risk for lenders. The policy could also raise data privacy and legal concerns across the banking sector.