WASHINGTON-Financial institutions should be able to choose whether to accept the matricula consular cards as a valid form of identification or not, CUNA Associate General Counsel Mary Dunn wrote in a comment letter to Treasury. "CUNA is aware that a number of concerns have been raised about the use of consular ID cards. While these issues should not be dismissed lightly, we do not believe they justify a prohibition against institutions using consular identification cards," Dunn wrote. "The treatment of consular identification cards under the final rule is fully consistent with the USA PATRIOT Act's language and intent." She suggested developing voluntary guidelines to help ensure compliance with Section 326 when accepting matricula consular cards. "Such guidelines should clarify that institutions may require an individual seeking to open an account to provide a U.S. passport or other official U.S. document to show identity, in addition to a consular identification card," she wrote. Treasury was seeking extra input on its final Section 326 rules of the PATRIOT Act regarding identification requirements. Dunn also said that CUNA opposed modifications to the final rule so close to the Oct. 1 compliance date.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the August-06, 2003 issue of Credit Union Times Magazine • Subscribe!
Institutions should be able to Choose Whether to Accept Matricula, CUNA says
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
