Banks become immigration enforcers; false attestation means prison and asset seizure

What it does

This bill requires U.S. banks to ask all deposit account applicants to attest under penalty of perjury whether they are U.S. citizens, lawful permanent residents, or otherwise lawfully present. Banks cannot open accounts for those who refuse or fail to attest. The bill imposes civil penalties ($10,000–$50,000), criminal penalties (up to 5 years imprisonment and $250,000 fine), and asset forfeiture on individuals who make false attestations, and requires banks to report suspected false attestations to DHS and the DOJ.

Why we flagged it

The bill's core mechanism is to leverage the banking system as an immigration enforcement tool by requiring attestation of lawful presence and imposing severe penalties (criminal, civil, and forfeiture) for false statements. This is functionally an immigration enforcement measure, not a banking regulation.

What the text implies

• Asset forfeiture applies to ALL property in an account 'regardless of when such property was placed in the account'—meaning funds deposited before any false attestation, or funds belonging to account co-owners, may be seized.
• Self-attestation creates a perjury trap: individuals unfamiliar with U.S. immigration categories (e.g., those with pending asylum claims, DACA recipients, or visa holders unsure of their exact status) may unknowingly make false statements and face up to 5 years imprisonment.
• Banks become de facto immigration enforcement agents with reporting obligations to DHS and DOJ, shifting compliance and liability risk to financial institutions and potentially chilling banking access for vulnerable populations.
• The 1-year implementation delay may create a rush of account openings before the rule takes effect, followed by potential account closures or freezes for existing customers unable to re-attest.
• No explicit carve-out for minors, incapacitated persons, or those with language barriers—all must attest under penalty of perjury or be denied banking services.

Section numbers refer to the bill text the analysis read — linked under Primary records below.

Who it affects

The bill imposes a new compliance burden on all deposit account applicants and creates significant legal and financial jeopardy for individuals who misrepresent immigration status, including asset forfeiture. While the stated purpose is immigration enforcement, the mechanism—self-attestation under penalty of perjury—creates exposure for ordinary people (including citizens and lawful residents who may misunderstand the form or make honest errors) to criminal prosecution, civil penalties, and loss

Named in the bill

Department of Homeland Security (DHS), Department of the Treasury, Department of Justice (DOJ), Financial institutions / banks, 31 U.S.C. § 5318(l), 18 U.S.C. § 981(a)(1)(A), Controlled Substances Act § 413

Where it stands

2 cosponsors: 2 Republicans.

• Mar 5, 2026 — Introduced · Congress.gov: “Introduced in House”
• Mar 5, 2026 — Referred to House Committee on Financial Services · Congress.gov: “Referred to the House Committee on Financial Services”

Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.