The number of non-citizens engaged in the U.S. banking system has fallen sharply amid the Trump administration’s crackdown on illegal migrants.
\n\nImmigrants have been closing bank accounts and going back to keep cash in their homes, according to a report by Bloomberg.
\n\nMigrants are also taking out fewer loans, the news organization added. Consumer loans to illegal aliens fell by 70 percent since 2024. And lenders are beginning to shy away from entering into such deals to begin with.
\n\n“We’ve seen a reduction overall in people who come for financial services, education services, workforce development,” said Hispanic rights activist Erica Serna, the associate director of financial empowerment for UnidosUS. She added that the current atmosphere is “truly frightening for families.”
\n\nSerna’s sentiment was echoed by the Biden administration when, in 2023, Biden’s federal regime began threatening banks with costly federal investigations if they did not grant risky loans to illegal migrants.
\n\nAt the time, Biden warned the banking industry that “denying someone access to credit based solely on their actual or perceived immigrant status may violate federal law.”
\n\nBut the lenient banking schemes are frowned upon by the Trump administration. Indeed, Trump signed an executive order in May directing federal…
Original source: https://www.breitbart.com/economy/
