This bill seeks to protect consumer privacy by prohibiting covered financial institutions from collecting, maintaining, or disclosing information related to a consumer's citizenship or immigration status. It explicitly forbids these institutions from requiring such disclosure as a condition for accessing financial services, or from otherwise requesting, recording, or retaining this sensitive data. Financial institutions are also barred from transmitting or reporting this information to any federal agency or governmental entity. The legislation further prohibits appropriate Federal banking agencies from requiring or encouraging the collection of citizenship or immigration status information, or from conditioning regulatory determinations on such data. The bill broadly defines "covered financial institutions" to include various entities such as insured depository institutions, credit unions, and different types of banks. Importantly, a rule of construction clarifies that this act does not alter obligations under the Bank Secrecy Act or prevent compliance with reporting requirements related to financial crimes like money laundering, terrorist financing, and sanctions.