Fair and Accurate Credit Transactions Act

Financial institutions start looking at certain groups of people and deciding, "You know what? They are simply too expensive to monitor."

I was looking at the real world fallout from this in the sources, particularly around the US FACTA provisions of the Fair and Accurate Credit Transactions Act.

Global banks are literally banning US citizens abroad from opening basic checking accounts.

It's true.

The math on compliance simply doesn't work for the banks anymore.

To comply with FACTA, a foreign bank onboarding a US citizen, they can't just run a quick digital background check.

Right.

They have to manually track down beneficial ownership, map it across disparate international databases, and manually generate highly specific tax reports for the IRS.

A consumer is going to look at their report and go, oh, I guess this is just the way it works.

They don't know that it's a violation of the FCRA or the FACT Act or the FDCPA.

They just go, oh, I did.

These are my things and I'm bad.