PATRIOT Act spurs CUNA's most successful audioconference

WASHINGTON-In anticipation of the October 25 effective date of PATRIOT Act implementing regulations, approximately 550 credit unions tuned in for CUNA's audioconference on what the regulations will probably look like and how to comply. NCUA is expected to address the final rule at this month's board meeting. Comments were due to the agency September 6. All of the federal banking regulators are on about the same schedule. While examiners will not bombard credit unions looking for policies and procedures on identifying new account holders, it is important for them to come into compliance as quickly as possible. Many provisions of the regulations will be things credit unions are already doing as far as documenting its membership with a driver's license and/or Social Security number, but financial institutions will need to start keeping records on the information by photocopying, NCUA Senior Trial Attorney John Ianno explained to listeners. Additionally, institutions will need to keep both a mailing address and street address on file when applicable. CUNA Associate General Counsel Mary Dunn expressed concern about the cost of the copying, and storing of documents for five years, and other related requirements. CUNA is looking for "wiggle room" within the statute, she said. Other speakers on the call included FinCEN Executive Assistant Director for Regulatory Policy Peter Djinis and Brian Peretti, attorney at Shook, Hardy & Bacon, LLP. The call was so successful in the number of participants and feedback afterwards that CUNA is considering scheduling a follow up call for November.