Stephen Miller, deputy chief of staff at the White House, stated that the Trump administration is implementing measures to restrict banking services for illegal immigrants. During an interview on The Clay Travis & Buck Sexton show, Miller mentioned that President Trump signed an executive order aimed at preventing illegal immigrants from accessing banking services. He noted that illegal immigrants currently use credit cards and bank accounts, which allows them to engage with the financial systems in the U.S. Miller claimed that limiting these services could encourage self-deportation among illegal immigrants.
Miller referred to an executive order signed on May 19, which directed banks and federal regulators to scrutinize accounts and credit applications from individuals without legal status. While the order did not specifically instruct banks to deny services to illegal immigrants, it could complicate their access to the financial system. Federal agencies have begun to act on this order, with the Consumer Financial Protection Bureau issuing guidance that suggests lenders may need to consider applicants' immigration status when evaluating loan applications. Additionally, guidance from three federal agencies was issued on July 13, reminding financial institutions to apply risk management practices when lending to individuals not legally authorized to work in the U.S. These advisories indicate that illegal immigrants may be viewed as higher-risk borrowers.