Administration considering requiring citizenship verification for banking

As part of its campaign to make America cruel again, the Trump Administration is reportedly considering an executive order that would require banks to verify citizenship information of current and future customers.  The reports do not indicate the legal authority that the Administration would rely upon, or what problem this requirement would be addressing. Such a requirement would increase burdens for both financial institutions and customers, and would likely lead to increased debanking in immigrant communities. For now, financial industry representatives appear to be opposing the plan (anonymously).