Key facts
- Undocumented immigrants are closing bank accounts and storing cash at home due to the immigration crackdown.
- Consumer loans to a group including many undocumented people have fallen by over 70% since 2024.
- Some lenders are more cautious about extending credit to undocumented individuals.
The immigration crackdown initiated by President Donald Trump has led to a growing distance between American lenders and non-US citizens, particularly undocumented individuals. Rights advocates and data analysts report that immigrants are increasingly closing their bank accounts in favor of storing cash at home and may be borrowing less. This shift is reflected in a recent report indicating that the share of consumer loans to a group that includes many undocumented people has slumped by more than 70% since 2024. An industry group representative, speaking on condition of anonymity, stated that some lenders are becoming more cautious about extending credit to undocumented individuals.
