WASHINGTON – Most of the Treasury Department's almost 30,000 responses to its most recent identification question came down on the side of credit unions and banks. In June the U.S. Treasury, after prompting by a U.S. legislator, announced that it wanted to hear more from the public on two questions First, should financial institutions be forced to keep detailed records about the identification their members or customers use when opening accounts and, second, should undocumented residents be allowed to use identification issued by their consulates, the so called "matricula" cards. The Treasury Department had already finalized the regulations, which are due to go into effect on October 1, and it is unclear what the agency could do under regulatory procedures with the new data. Most of the 30,000 responses favored the Treasury Department allowing the regulations to go into effect in the form the Department has already finalized.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.