As banks close accounts, experts point to immigration crackdown
Key takeaways
- Between December 2025 and May of this year, 20,682 consumers filed complaints with the Consumer Financial Protection Bureau about being locked out of their bank accounts without explanation.
- In May, President Trump signed an executive order directing federal regulatory agencies to issue guidance to banks on identifying informal work arrangements that undocumented workers may rely upon.
- Bankers were pleased that the order stopped short of requiring the industry to verify the citizenship of account holders.
Politics and policy As banks close accounts, experts point to immigration crackdown By Kate Berry Close Text About Kate twitter kateberry1 mailto kate.berry@arizent.com linkedin kate-berry-aa69353 Published June 24, 2026, 12:41 p.m. EDT | Updated June 24, 2026, 1:14 p.m. EDT 7 Min Read Facebook Twitter Linked In Email
More than 20,000 consumers reported seeing their bank accounts closed suddenly in recent months, according to a new analysis of complaint data, which experts believe is the result of financial institutions seeking to comply with the Trump administration's restrictionist immigration policies.
Between December 2025 and May of this year, 20,682 consumers filed complaints with the Consumer Financial Protection Bureau about being locked out of their bank accounts without explanation.