X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.