As of Feb. 24–25, 2026, the Trump administration is weighing an executive action that would require U.S. banks to collect and verify customers’ citizenship—potentially from both new and existing account holders—and could demand documents such as passports, people familiar with the talks said. (washingtonpost.com) The proposal, reportedly being discussed within Treasury and FinCEN, has not been approved and the White House called reports “baseless speculation.” (semafor.com) It’s unclear whether banks would only collect data or also close accounts of those lacking papers; roughly half of Americans lack passports. (washingtonpost.com) Officials warn of legal challenges, privacy risks and burdens on community banks and customers, with potential nationwide impacts. (semafor.com)