Restoring Integrity to America's Financial System

Executive Order 14406 is an executive action signed by President Donald J. Trump that directs the Department of the Treasury, the Consumer Financial Protection Bureau (CFPB), and Federal financial regulators to tighten anti-fraud and customer-verification rules. It says the United States financial system faces risks from illicit cross-border activity, payroll tax evasion, and lending tied to non-work authorized populations. The order tells the Secretary of the Treasury to issue an advisory, propose Bank Secrecy Act changes, and consider stronger customer identification rules. It also tells the CFPB to consider clarifying how deportation and lost wages affect a borrower's ability to repay. This matters because it could change how banks check customers, approve loans, and handle financial services for workers, immigrants, and employers.