Sponsor
Angela Deneece Alsobrooks
Senator · D-MD
Senator · D-MD
The bill expands privacy protections and financial access for immigrants and offers clearer statutory coverage for banks and regulators, but it creates compliance costs and may reduce some law-enforcement visibility into immigration-related financial activity.
Immigrants and noncitizens can open and use bank accounts without being asked about or having to disclose their citizenship or immigration status, increasing safe access to basic financial services.
Low-income individuals and immigrant communities gain greater access to bank accounts and financial services (improved financial inclusion) when identity questions are limited to what is necessary.
Immigrant customers face fewer privacy risks from banks sharing immigration data with federal agencies, reducing exposure to immigration enforcement consequences.
Banks (including subsidiaries and affiliates) must change compliance and onboarding procedures, creating administrative burdens and costs that may be passed on to customers.
Law enforcement and national-security actors could have reduced visibility into immigration-related aspects of financial investigations, potentially hindering detection of fraud, money laundering, or sanctions evasion in some cases.
If exemptions for crime-prevention or national-security information are interpreted narrowly, banks may face legal uncertainty about when they may collect or share immigration information, risking enforcement disputes and litigation.
Based on analysis of 3 sections of legislative text.
Bars covered financial institutions and federal banking agencies from collecting, using, or sharing consumers' citizenship or immigration status for account access or supervision, while preserving AML/sanctions reporting duties.
Prohibits banks, credit unions, consumer reporting agencies, bank holding companies, and federal banking agencies from requesting, collecting, recording, retaining, or disclosing consumers’ citizenship or immigration status when customers open, maintain, access, or use accounts or financial services. Federal banking agencies are also barred from conditioning supervision, enforcement, or guidance on such collection; the bill preserves existing anti-money‑laundering and other legal reporting obligations required by the Bank Secrecy Act and similar laws.
Official title: Prohibit covered financial institutions from collecting, maintaining, and disclosing information relating to the citizenship status and immigration status of consumers, and for other purposes.
Introduced April 30, 2026 by Angela Deneece Alsobrooks · Last progress April 30, 2026