Know Your American Customer Act

This bill would bar federally insured banks and credit unions from opening or keeping accounts for people who are not lawfully present in the United States. Starting 90 days after the law takes effect, people opening a new account would have to show one of a listed set of documents, such as a REAL ID-compliant license, a U.S. passport, a birth certificate, or a green card. People whose permission to stay is temporary would have to give the bank the expiration date. If their status expires without updated documents, the account would be restricted after 30 days and closed after another 60 days. The bill also sets criminal penalties of up to $1,000,000 in fines, one year in prison, or both for people not lawfully present who open or keep an active account, with exceptions for pending asylum applicants and those whose stay expired within the past 90 days.

Full text and official record on Congress.gov

Sponsors

• Tom Cotton Republican sponsor
• 0 cosponsors