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.