WASHINGTON-CUNA responded to a joint proposal made recently by Treasury, NCUA, and the other federal financial regulators implementing provisions in the USA PATRIOT Act requiring financial institutions to establish reasonable procedures for authenticating member and customer identities when opening new accounts. "One issue we want to make sure is clear is that credit unions will be able to rely on official documents such as the `matricula' issued by the government of Mexico in opening accounts, particularly for those in low-income areas," CUNA Senior Vice President and Associate General Counsel Mary Dunn said. "NCUA and the other regulators have drafted a proposal that has tried hard to refrain from imposing broad, new requirements on credit unions and other financial institutions at account opening," she observed. "Credit unions and other financial institutions already have a number of procedures when opening accounts, and the proposal appears to recognize that fact." Dunn explained that CUNA's Examination and Supervision Subcommittee are studying the issue for comments before the period closes.
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From the July-31, 2002 issue of Credit Union Times Magazine • Subscribe!
CUNA wants use of `matricula' clarified as acceptable under PATRIOT Act
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