Acting Chairman Travis Hill Expresses Support for Enhancing Flexibility with Respect to Customer Identification Program Requirements
PRESS RELEASE | FEBRUARY 7, 2025
Acting Chairman Travis
Hill Expresses Support for Enhancing Flexibility with Respect to
Customer Identification Program Requirements
WASHINGTON –
Today, Acting Chairman Travis Hill sent a letter to the Financial
Crimes Enforcement Network (FinCEN) expressing support for allowing
more flexibility with respect to certain Customer Identification
Program (CIP) requirements for bank-fintech partnerships.
Specifically, Acting Chairman Hill expressed support for generally
allowing the collection of the last four digits of a Social Security
number from a customer, rather than the full nine digits -- the
approach permitted for credit card customers.
The letter
states, “Aligning regulatory requirements to modern onboarding
processes is long overdue. Federal authorities have long allowed banks
to onboard credit card customers in this way; I support extending this
approach more broadly. . . I look forward to working with our
regulatory partners to modernize our approach to reflect private
sector innovation in providing customer access to financial
services.”
A link to the full letter is available
here.
# # #
MEDIA CONTACT: Media
[email protected]
The FDIC does not send
unsolicited e-mail. If this publication has reached you in error, or
if you no longer wish to receive this service, please
unsubscribe.
STAY CONNECTED