November 22, 2022

Latest Compliance Blog post tackles confidentiality, ID verification

ComplianceAs credit unions work to meet the needs of more than 134 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.

Of note, there is only one post this week as NAFCU’s office is closed tomorrow through Friday in observance of the Thanksgiving holiday.

In Monday’s post, Regulatory Compliance Counsel Tara Simpson writes on the topic of Customer Identification Programs (CIP) that include certain minimum requirements, such as collection of identifying information at account opening and risk-based identity verification procedures.

Simpson reviews what happens when a customer is part of an address confidentiality program and cannot give the required information, directing credit unions to sections of NCUA and Financial Crimes Enforcement Network (FinCEN) regulations for answers.

View the full blog post. Sign up to receive the latest Compliance Blog post in your inbox and access additional compliance resources, including a compliance calendar, numerous final regulation summaries, and more on the NAFCU website.