On Aug. 7, 2025, President Trump issued an Executive Order (Guaranteeing Fair Banking For All Americans) to prevent financial institutions from denying services based on political or religious beliefs or lawful business activities. The order explains some financial institutions participated in government-directed surveillance programs targeting persons participating in conservative activities and causes aligned with political right following the events at the United States Capitol on Jan. 6, 2021. The order states in part:

• “The Federal Government suggested that such institutions flag individuals who made transactions related to companies like “Cabela’s” and “Bass Pro Shop” or who made peer-to-peer payments that involved terms like “Trump” or “MAGA,” even though there was no specific evidence tying those individuals to criminal conduct.”

While the intent of the order is to protect consumers from ideological discrimination, some have voiced concerns about how it impacts Bank Secrecy Act (BSA) compliance. Financial institutions are responsible for filing Suspicious Activity Reports (SARs) using oftentimes, subjective criteria. Some, but not all, BSA officers and industry experts have recently expressed fear that potential political pressure could cause financial institutions to retain members/customers that ordinarily they might shed due to perceived risks. They opine that BSA officers might be hesitant to file SARs or close accounts because of the conflicting mandates of the order and BSA. 

Rely on Doeren Mayhew’s compliance pros to ensure you remain compliant with BSA and other areas of compliance.