Know Your American Customer Act

Progress

Timeline

• Mar 25Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

**What it does:** This bill would require certain financial institutions (like banks) to verify whether their customers are U.S. citizens or have legal immigration status before providing services. **Who it affects:** - Banks and other financial institutions that would need to implement new verification procedures - All bank customers who would need to prove their citizenship or legal status - Non-citizens, including undocumented immigrants, who might face restrictions accessing banking services **What would change:** - Financial institutions would need new systems to check and verify customers' immigration status - Opening bank accounts or accessing certain financial services would require additional documentation - Some individuals without proper documentation might lose access to banking services - Banks would likely face increased compliance costs and administrative requirements **Current status:** The bill is currently in committee, meaning it's being reviewed but hasn't been voted on by the full Senate yet.

How This Affects You