Lenders discriminate against immigrants—and frequently, it is completely appropriate.
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The reports began trickling in to online discussion boards and news that is local starting in 2017. The stories all followed roughly the same pattern: Bank of America sent a customer a notice demanding details about their citizenship—and if they refused to answer, their accounts were promptly frozen from Reddit to The Kansas City Star, Washington to New York.
This tale ended up being produced with help through the Economic Hardship Reporting venture.
Bank of America explained it was necessary to ask the relevant concern to comply with Treasury laws. It is true that US finance institutions must monitor their makes up indications of cash laundering, and adhere to any office of Foreign Assets Control’s financial sanctions on a few nations, including Iran, Cuba, and Syria. Under a law that is separate international banking institutions must gather citizenship information from Us americans, fundamentally in order to find possible tax-dodgers.
But domestically, they’re not expected to collect client citizenship information. In reality, Social protection figures aren’t also needed to open a free account. Right after Donald Trump’s election, in December 2016, a senior counsel for the United states Bankers Association said that “banks don’t track whether or otherwise not some one is lawfully within the U.S. ”
Paulina Gonzalez, executive manager of this monetary addition nonprofit California Reinvestment Coalition, shows that Bank of America’s policy “raises questions regarding the part banking institutions will play in Trump’s America….