FDIC Federal Register Citations

From: Susan deFreese 
Sent: Monday, August 12, 2002 5:10 PM
To: Comments

Subject: Comments on the Customer Identification Programs for Banks

To: The Executive Secretary, Attention: Comments/OES, FDIC

There is a major concern that the proposed regulation will subject banks to conflicting interpretations of Federal law, in particular Regulation B. The primary form of identification used when opening an account is a drivers license. Previously, copies have not been made because compliance examiners cite this as a violation of Regulation B/ECOA.

The proposed regulation has retention requirements for the identification which clearly require a copy of the drivers license be made when the account is open. In Section 103.12(b)(3) there is a reference to the ECOA in that the collection and retention of information about a customer does not relieve a bank from its obligations to comply with anti-discrimination laws or regulation. However, it does not address the limitations imposed by Regulation B such as when a bank can collect monitoring information. This proposed regulation is requiring banks to collect such information for accounts other than those allowed by Regulation B.

Will this new regulation take precedent over Regulation B?

Cordially,
Susan deFreese
Vice President-Chief Compliance Officer-CRA Officer
Southern Community Bancorp
254 West S. R. 436
Altamonte Springs, FL 32714