Why it matters
Relevant for Accor Live Limitless elites and award redeemers.
What happened
The White House is considering a proposed executive order that would require financial institutions to collect proof of citizenship (such as passports) from both new and existing account holders. The policy would be retroactive. Financial institutions have pushed back, citing unworkability and cost. This could lead to erosion of bank account bonuses, removal of benefits, or increased fees, which are significant earning vehicles for frequent fliers using bank accounts to accumulate transferable points
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