News

Community banks and credit unions in recent years have seen a sharp increase in the number of accounts held by foreign nationals who are in the United States after having been granted refugee or asylum status, say senior compliance officers. Unlike other categories of non-U.S. citizens, such as students and temporary workers, refugees and asylees are immediately eligible to obtain a standard social security card. Combined with a valid state driver's license or photo ID, the document may enable them to open a bank account as if they were U.S. citizens. Banking regulators have been largely silent on whether these...