Compliance: S. 2155 effects on member ID program

With S. 2155 signed into law, credit unions are curious about when its regulatory relief provisions take effect, and if any guidance will be available. CUNA’s compliance staff has collected resources, NCUA has finalized its one-to-four non-owner occupied rule, but there’s more in the bill.

One provision in the bill is designed to allow consumers easier access to online banking. And while no guidance has officially been issued yet, there appears to be some changes that could impact a credit union’s member identification policy under the Bank Secrecy Act.

One provision allows a financial institution to “record personal information from a scan of the driver’s license or personal identification card of the individual, or make a copy or receive an image of the driver’s license or personal identification card of the individual, and store or retain such information in any electronic format.”

 

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