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FDIC Federal Register Citations


August 5, 2002

Executive Secretary:
Federal Deposit Insurance Corp.
550 17th Street NW
Washington DC 20429


Gentlemen:

Comments / OES-Know Your Customer

I wish to express my objection to section of the Patriots bill that authorizes special banking interests to collect personal information.

Two years ago there was an attempt to change the regulations so the special interest banking group could obtain personal information. After a showing by the American public of dissatisfaction with the attempt to intrude into the privacy of the Americans the "Know your customer" regulation was withdrawn.

After the failure of the American Intelligent agencies by not acting information, and the laxity of the security inspectors at the airports by letting passengers carry knives on board airplanes, a group of 25 persons was able to high jack four American airplanes.

The Know Your customer does nothing to improve the security in the country, but it does jeopardize the privacy of the Americans.

It should be noted that there were 86,000 thief of identity complaints with the Federal Trade Commission in year 2001. It should be noted that New York banks are under investigation for questionable money transactions with ENRON and WORLD CON.

It should also be noted that a major source of income was denied to banks by prohibiting them from marketing their customers' personal information.

During the waning years of Clinton Administration, an airplane was shot down by the Cubans when it invaded its air space. Through the influence of the Cuban American community, congress passed an act that required the government an embargo against any country that traded with Cuba.

President Clinton decided that it would be harmful to the country to take such action.

1. The American people have stated their dislike of the financial institutions and their intrusion into their privacy by the way of "Know Your Customer."
2. The government's has demonstrated a lack of ability to process important information that is available.
3. The decrease in personal security and certain increase in identity thefts.
Implementation of this intrusive act should be held back (just as Clinton did on embargo act passed after the Cuban's downed a plane) until the courts have a chance to rule on the constitutionally of the act, or the congress has a chance to negate the act.

I am sure that the Boston "Patriots" who fought the British King George and the power of the East India Tea company would toss this act into the harbor along with the Tea.

Respectfully yours,
Victor Mitura
Mendenhall, PA

Last Updated 08/14/2002 regs@fdic.gov

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