Regulatory and Compliance
WASHINGTON -- If the Federal Trade Commission decides to issue rules banning the use of Social Security numbers to identify consumers in order to protect the valuable digits, CUNA would like to see a carve out for financial institutions.
Government requirements, including PATRIOT Act and Bank Secrecy Act compliance, require the use of SSNs to identify consumers and weed out money laundering and terrorist financing. SSNs are also used on credit checks for loans, CUNA explained. Additionally, the Gramm-Leach-Bliley Act put personal information safeguards in place.