A Republican bill with no cosponsors
Last activity — Referred to the House Committee on Financial Services.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
The Know Your American Customer Act seeks to amend title 31 of the United States Code. This bill requires certain financial institutions, such as insured depository institutions and credit unions, to verify the citizenship and legal status of individuals seeking to open or maintain accounts. It establishes specific documentation requirements for new accounts and mandates that those with temporary authorized stays provide specific certifications. If an individual's legal status expires, the bill requires institutions to restrict account transactions and potentially close the account. The act also introduces civil penalties for institutions that fail to comply and criminal penalties for certain individuals.
Yes
- Scored +5
Does this give the federal government more power?
The bill grants the Treasury Department and FinCEN new authority to regulate financial institution verification and account closures.
- Scored +2
Does this tighten control of the border?
The bill increases domestic oversight of financial access for non-citizens based on their legal presence.
The opposite· 3 of 7
- Scored -8
Would immigrants be better off under this?
The bill imposes severe criminal penalties, fines, and the risk of account loss on individuals not currently documented as lawfully present.
- Scored -5
Would households on low incomes be better off under this?
The threat of account closure and restricted transaction ability disproportionately impacts low-income individuals with temporary status.
- Scored -5
Would Hispanic Americans be better off under this?
The mandate for verifying legal presence and the threat of criminal penalties can heavily impact the large Hispanic immigrant population.
Who it would affect, and how
Potential Positive Impacts for People
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Protection for individuals with expiring status: Individuals with a temporary period of authorized stay are granted a 30-day period of full access to their accounts after their status expires before transactions are restricted (Section 2, paragraph 2, subclause C, ii, I).
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Access to funds during restricted periods: Even when an account is restricted due to expired status, covered institutions are still required to permit incoming deposits, direct deposits, and other credits to the account (Section s 2, paragraph 2, subclause C, ii, II, aa).
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Restoration of account access: Individuals can regain full access to their accounts if they provide updated documentation of their lawful presence during the 30-day or 60-day window (Section 2, paragraph 2, subclause C, ii, III).
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Safe harbors for financial institutions: Financial institutions are protected from civil penalties if they make a good-faith effort to comply or rely on specific accepted documents, such as a driver's license or passport (Section 2, paragraph 4, subclause B).
Potential Negative Impacts for People
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Account restrictions and transaction bans: Individuals whose authorized stay expires may find their ability to withdraw money, use debit or credit cards, or perform wire transfers prohibited for a period of 60 days (Section 2, paragraph 2, subclause C, ii, II, bb).
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Risk of account closure: If an individual cannot provide updated documentation of lawful presence before the end of the 60-day restricted period, their account must be closed (Section 2, paragraph 2, subclause C, iii).
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Criminal penalties for individuals: Individuals who are not lawfully present or have had removal orders against them may face fines of up to $1,000,000 and imprisonment for up to 1 year for opening or maintaining an active account at a covered institution (Section 3, paragraph 2, subclause A).
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Criminal penalties for using legal entities: Individuals who are not lawfully present may face fines of up to $1,000,000 and imprisonment for up to 1 year if they open or maintain an account through a legal entity (Section 3, paragraph 3).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would immigrants be better off under this? — The bill imposes severe criminal penalties, fines, and the risk of account loss on individuals not currently documented as lawfully present. Would Hispanic Americans be better off under this? — The mandate for verifying legal presence and the threat of criminal penalties can heavily impact the large Hispanic immigrant population. Would households on low incomes be better off under this? — The threat of account closure and restricted transaction ability disproportionately impacts low-income individuals with temporary status.
- Social Issues And Justice
- Does this tighten control of the border? — The bill increases domestic oversight of financial access for non-citizens based on their legal presence. Is this likely to lift people out of poverty? — Restricting access to funds and closing accounts can create sudden financial instability for low-income non-citizens. Does this narrow racial gaps in how people are treated? — The bill disproportionately affects non-citizens and those with temporary status who may face account restrictions or closure.
- Economy And Finance
- Does this give people more protection from unfair business practices? — Financial institutions face civil penalties if they fail to comply with the new verification and account closure mandates.
- Governance And Ideology
- Does this give the federal government more power? — The bill grants the Treasury Department and FinCEN new authority to regulate financial institution verification and account closures. Does this protect people from being watched or searched? — The bill requires financial institutions to collect and verify sensitive personal documentation regarding legal status.
- 5/14/2026
- Referred to the House Committee on Financial Services.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.