Stephen Miller says the administration is seeking to debank illegal immigrants to encourage self-deportation from the United States.
White House deputy chief of staff Stephen Miller stated that the administration is moving to debank illegal immigrants as a primary incentive for them to self-deport. This strategy follows an executive order signed by President Trump in May, which directed federal regulators and banks to increase scrutiny on the financial accounts of individuals without legal work authorization. The administration announced new guidance from the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration. These agencies reminded financial institutions that borrowers without legal work authorization pose an elevated credit risk due to uncertainty regarding their ability to maintain stable income. The guidance suggests that lenders should consider immigration status when assessing mortgage and credit card applications. While the order does not strictly mandate the debanking of all illegal immigrants, it provides a framework for banks to treat them as higher-risk customers. This move aims to restore integrity to the financial system by ensuring that banking services support lawful business and account for the risks associated with criminal illegal immigration.