ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release August 1, 2003 #03-29
E-mail: [email protected]

ACB OPPOSES CHANGING CUSTOMER ID RULE

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Editors, Reporters:

America’s Community Bankers has urged the Treasury Department to leave the USA Patriot Act’s final customer identification rule unchanged. ACB told Treasury in its comments that it supports the final rule unchanged because it permits each bank to tailor its customer identification program to the specific risks posed to the institution.

ACB said that requiring the photocopying of IDs would not make an institution’s customer ID procedure more rigorous, but instead would require most institutions to overhaul their account-opening practices and impose new document storage costs.

ACB also said the rule should not prohibit the acceptance of identification documents issued by foreign governments, such as matricula consular cards; that banks should have the flexibility to determine which documents are acceptable based on a number of factors. ACB also said that prohibiting the acceptance of such documents would effectively force many immigrants to transact banking business at non-banks.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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