ITIN processing takes 7-11 weeks, blocking bank account and credit card applications for new arrivals

When a foreigner arrives in the US without an SSN (e.g., a dependent spouse on an H-4 visa, or an investor on an E-2 visa), they must apply for an ITIN to open most bank accounts or credit cards. The IRS takes 7 to 11 weeks to process ITIN applications, and often longer during tax season. So what? During those weeks, the person cannot open a bank account at most major banks, because the bank's KYC (Know Your Customer) onboarding system requires either an SSN or ITIN to run identity verification. So what? Without a bank account, the person cannot receive direct deposits, set up autopay for rent, or pay bills electronically, forcing them to rely on cash or a spouse's account. So what? Relying on cash means they cannot establish any financial footprint in the US, which means no record of responsible money management exists for them. So what? Without that financial footprint, when they finally do get the ITIN and open an account, they start from absolute zero with no credit history, no banking relationship, and no leverage to negotiate fees or rates. So what? This means a professional who may have had a 20-year banking relationship and an 800-equivalent credit score in their home country is treated identically to an 18-year-old with no financial history, delaying their ability to rent an apartment, finance a car, or participate normally in the US economy for months or even years. This problem persists structurally because the IRS has no mandate or incentive to speed up ITIN processing, banks are not allowed to use foreign tax IDs as a substitute under current BSA/AML compliance frameworks, and there is no regulatory body that coordinates between the IRS's ITIN timeline and the banking system's onboarding requirements.